As 33,000 Boeing (BA) union workers take to the picket line and go on strike, rating agencies warn that a prolonged strike could result in a downgrade for the company.

Gabelli Funds portfolio manager Tony Bancroft joins Market Domination hosts Julie Hyman and Josh Lipton to discuss what the strike means for the company and its investors.

“We continue to believe in the secular thesis of the growth story of commercial aerospace and Boeing being, you know, a large participant in that,” Bancroft says.

“In the near term, there's a lot of volatility going on right now,” since “this strike has made it unclear of the timeline to get the production rates back,” but in Bancroft’s view, the portfolio manager tells Yahoo Finance this event will be "more of a blip."

While it’s difficult to measure the exact financial impact of the strike, Bancroft estimates the work stoppage will result in a loss of around $100 million for the company per day of the strike. “The best thing they can do right now is get the production in line and start that growing again.”

The “Machinist Union makes great planes, Boeing makes great planes,” and “the airlines in the commercial aerospace industry need these planes," Bancroft lays out. The Boeing workers are represented by the International Association of Machinists (IAM) union, Districts 751 and W24.

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This post was written by Naomi Buchanan.