Boeing (BA) stock remains close to its lowest point in the past year amidst the ongoing strike by the company's largest union. Analysts estimate that Boeing could face losses exceeding $100 million per day during the work stoppage. The strike was initiated by the International Association of Machinists and Aerospace Workers (IAM) after rejecting a contract offer from Boeing. With the Seattle-area workers responsible for building Boeing's popular 737 MAX and other aircraft, the timing and duration of the strike could significantly impact the company's recovery efforts.

To address the situation, representatives from the IAM and Boeing have met in person with the assistance of a mediator to facilitate negotiations. According to a source familiar with the talks, Boeing is determined to reach an agreement. Although no specific details about the negotiation progress were disclosed, an IAM spokesperson confirmed the meeting but did not provide further information.

In response to the strike, Boeing announced cost-cutting measures on Monday, including a hiring freeze and consideration of temporary furloughs for employees in the near future. The pressure to restore order to their assembly line is substantial for Boeing, as recent production missteps have raised concerns. Morningstar equity analyst Nicolas Owens commented that the strike interferes with progress towards improving the assembly process for planes like the 737.

Moody's recently placed Boeing's credit rating under review, while S&P Global stated that as long as the strike is short-lived, the company's current status remains secure. Wall Street analysts largely anticipate a relatively brief strike, which would be manageable for Boeing. However, an extended work stoppage would prove costly and challenging for the company, given its already strained financial position.

This strike represents another setback in what has been a challenging year for Boeing. It began with the fuselage of a 737 Max 9 aircraft tearing open at 16,000 feet during an Alaska Airlines flight in January. Subsequently, Boeing faced regulatory issues, investigations, lawsuits, production delays, and ultimately, a change in CEO. Kelly Ortberg, an industry veteran and outsider, took over as CEO of the company last month.

Boeing shares have declined by more than 35% year-to-date and hit a 52-week low on Monday. The company is scheduled to report its quarterly results next month, with investors eagerly waiting to see the impact of the strike on its financial performance.