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GM stock falls as details of UAW contract emerge

Shares of General Motors Co. fell nearly 1% in late trading Thursday after the United Auto Workers released details of its new tentative contract with GM. The contract, which still needs to be voted by members, gives full-time temp workers a shortened path to permanent status, among other gains for full-time and part-time temp workers, calls for no additional health care costs, and provides ratification bonuses. The contract also calls for wage increases and lump-sum payments in certain years and for the end of a cap on profit sharing. GM would also keep open its Detroit Hamtramck plant, one of four plants it had slated to close. GM and the union announced a tentative agreement on Wednesday. The strike has affected more than 30 GM plants in the U.S. and the deal covers more than 46,000 UAW-represented workers. Shares of GM have gained nearly 9% this year, underperforming the S&P 500 index , which has risen 20%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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