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Global Investment News Roundup
Alcoa Cuts 13% of Workforce; Best Buy to Sell Used iPhones; Jobs’ Statement Earns Apple Upgrade; India Exports Slowing Dramatically; Europe Inflation at 2-Year Low; U.S. Still Innovation Leader; Belarus to Secure IMF Aid
- Alcoa Inc. (AA) said late yesterday (Tuesday) that it will cut 13% of its global workforce. The company will also sell four business units, cut output, freeze salaries and hiring efforts, MarketWatch reported. The measures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share.
- Electronics retail Best Buy Co. (BBY) said it will sell used Apple Inc’s (AAPL) iPhone 3G -returned…
Global Investing Roundups
Google Doesn’t Disappoint; Jobless Claims Drop but Remain High; Peabody’s Third Quarter Lights Out; Nucor Profit Doubles; Nokia’s Profit Dip; AMD Narrows Loss; Hershey’s Sweet Surprise; Citi’s Consumer Credit Woes
- Google Inc. (GOOG) said yesterday (Thursday) that profit climbed 26% to $1.35 billion, or $4.24 per share in the third quarter, up from $1.07 billion, or $3.38 per share, at the same time last year. Revenue soared 31% to $5.54 billion.
- Initial claims for unemployment insurance last week fell 16,000 to a seasonally adjusted level of 461,000 the Labor Department reported yesterday (Thursday). However, the four-week average, which is less volatile, increased slightly…
Global Investing Roundups
Visa and MasterCard Settle Up; Daimler’s Plant Closures; Apple’s Christmas Bargain; Johnson Controls’ Weak Outlook; Gas Prices Down 23% From July; U.S. Budget Deficit the Highest Ever; Pepsi Fizzles
- Visa Inc. (V) and MasterCard Inc. (MA) have settled an antitrust suit with Discover Financial Services Inc. (DFS) rather than go to trial, sending Discover shares up almost 13% yesterday (Tuesday). Discover had filed a lawsuit against the two credit card processors seeking $6 billion in damages. The suit alleged that MasterCard and Visa prevented member banks from issuing Discover cards, Reuters reported.
- Daimler AG (DAI) yesterday (Tuesday) announced it would cut 3,500 jobs and close two…
Global Investing Roundups
Retirement Plans Lose $2 Trillion; eBay Sells Out Workforce; Eli Settles Marketing Dispute; Morgan Stanley Gets OK on Capital Infusion; IMF Says Rough Economic Times Ahead; Wachovia Split?
- American retirement plans have lost as much as $2 trillion, or 20% of their value, in the past 15 months, Peter Orszag, head of the Congressional Budget Office estimated yesterday (Tuesday). "Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.
- EBay Inc. (EBAY) said yesterday (Tuesday) that it will cut 10% of its work force…
Global Investing Roundups
A Better Beige Book; Japan’s Daiichi Swipes Generic Drug Titan; Big Lots “Highly Motivated†to Expand; Corn Hits Another Record; Caterpillar Raises Dividend 17%; Russian Partners to Sue BP; Martha Loses CEO; Office Supply Merger;
The U.S. Federal Reserve released its Beige Book yesterday (Wednesday), a look at the economic conditions in the central bank’s 12 regions. Overall economic activity was slower in April and May. “Three Districts described economic activity as softer, weaker, or lower, with an additional four Districts reporting slower, sluggish, or modest economic growth. The remaining five Districts of Philadelphia, Cleveland, Atlanta, St. Louis, and San…
12Jun2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Gas Fuels Factory Orders; Borders Cuts Jobs to Cut Costs; Starbucks Serves Up Free Wi-Fi; Kenya Inflation Soars 32%; Chevron to Invest $5 Billion in Africa; Staples Raises Bid for Corporate Express; Lehman Looking for Cash Infusion; Oil Slides
–U.S. factory orders increased 1.1% in April, an unexpected gain that was boosted by the high cost of gas and other petroleum products, the Commerce Department announced yesterday (Tuesday). Economists had expected a smaller gain of just 0.1% after an upwardly revised 1.5% gain in March, MarketWatch reported.
–Borders Group Inc. (BGP) announced yesterday (Tuesday) it would reduce 20% of its corporate positions in…
4Jun2008 | Money Morning | Comments Off | Continued
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