RTX Stock In Spotlight After Workers Apply To Unionize At West Virginia Pratt & Whitney

Raytheon Technologies (RTX) stock drew retail attention after the top labor union for the aerospace industry in the U.S. applied with the National Labor Relations Board to represent workers at a Pratt & Whitney engine repair shop in West Virginia.

The RTX-owned aircraft engine maker Pratt, along with other aerospace firms, is looking to expand operations across the southern part of the U.S. Aircraft startup JetZero recently pledged to open a factory in North Carolina as part of a $4.7 billion deal backed by significant state incentives.

Pratt's investments in a North Carolina facility have recently sparked concerns over job security during contract negotiations between the engine maker and its workers, who the International Association of Machinists and Aerospace Workers represents.

According to a Reuters report, the IAM union members have said that the petition filed on Tuesday represents 360 workers at Pratt’s West Virginia plant, who are seeking raises and improved working conditions.

"They reached out to us," IAM organizing director Mike Evans reportedly said of the workers.

Worker support for collective bargaining at the plant in West Virginia, where only 9% workers are unionized, would "spread very quickly to the other places that do similar work," IAM associate Lisa Ferm said to Reuters in an interview.

Retail sentiment on Stocktwits about RTX was in the ‘bullish’ (62/100) territory, while retail chatter was ‘high.’

RTX stock has risen by 22% this year, amid increased global defense spending. However, the stock is down 2.3% over the past week following a ceasefire between Iran and the U.S. 

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