Symantec plans to chop roughly 2,000 jobs as part of a corporate divorce that will split the Mountain View security software company in half.
A spokeswoman for the company confirmed Thursday that layoffs and departures surrounding Symantec's split would result in a 10 percent reduction, after executives mentioned the plans in a conference call Wednesday afternoon. Symantec declined to estimate how many of the jobs lost will be in Silicon Valley or detail specific departments that will be targeted.
"This restructuring effort will take place across a number of locations and functions within the company over the next year," Kristen Batch said in an email. "It will impact 10 percent of our global workforce and is part of the separation process that is currently underway."
Hey....FTR may be onto something here.
Sprint, Dish, and Qualcomm reported dismal results, while FTR beat estimates.
Well....retirees can always sell their homes to make up the difference and downsize into an apartment.
Thanks to improving life expectancy and the Federal Reserve's financial repression lowering yields, US company pension funds have been hit by a double whammy. As Moody's warns, companies will have to find $110 billion in the next seven years to fund pension liabilities shortfalls. Moody's adds, "given these increasing liabilities and cash drains, we expect to see an acceleration in lump sum offers," as firms try to derisk.
Derisk....I love it !!!
Based on the ridiculous, seasonally-adjusted data released day after day by the various US "Departments of Truth", also known as the BLS, the Census, the Dept of Commerce, UMichigan, ADP, the Conference Board and so on, the US economy is so strong and consumer confidence is so resurgent, America is on the verge of a second golden age. Sadly, for Obama, and last night's epic rout for Democrats, it was all a lie - a lie perpetuated by a manipulated S&P500 which now hits daily record highs on unprecedented central bank liquidity injections which have now terminally disconnected the "markets" from the economy, and the welfare of the vast majority of the common "folk" - and said "folk" saw right through it.
Bloomberg's take is just one of many observations on the historic cognitive dissonance that is plaguing the mainstream media this morning, which has been furiously pumping up US confidence by pitching the endless array of "fake data" (to use Paul Singer's words), only to see it all blow up in its face today.
They are in deep with student debt, are underemployed, and faced with stagnant wages.
Are either living with a family member, or are doubled up with other renters.
Gosh....all those homeless people that cannot find a luxury home to live in.
Heck....all they need is $100K for down payment and closing costs. Oh yes, and another $3K/month to keep it all going.
Down is Up. Less is More.
NEW YORK, Oct 29 (Reuters) - U.S. mortgage applications to buy homes fell to their lowest level last week since February as interest rates on 30-year home loans edged up from the previous week's 16-month trough, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of loan requests for home purchases, a leading indicator of home sales, fell 5.0 percent in the week ended Oct. 24 to its lowest level since February. It was 15 percent lower than the same week a year earlier.
Fixed 30-year mortgage rates averaged 4.13 percent in the week, up 3 basis points from 4.10 percent the week before.
Biotech giant Amgen Inc. said Tuesday it will eliminate up to 1,100 additional jobs next year as the Thousand Oaks firm faces pressure to split into two..
Amgen previously revealed plans to cut about 2,900 jobs by the end of 2015. The new cuts—between 600 and 1,100—could mean the elimination of 4,000 positions, about 20% of its global workforce.
The world’s largest independent biotech company has faced criticism from some on Wall Street who say it has grown inefficient compared to smaller competitors.
Would be nice to see, but will need to see a couple of good Q reports before that happens....imho.
Next one is on 11/03, so not enough time with combined properties to show any meaningful results. The one after that in February 2015 should do the trick.
Defined by a city that is less then 50% occupied.
50+ cities and counting.
Who can forget China's ghost city of Ordos: back in late 2009, when the hollow shell behind China's torrid growth was first revealed to the world, the city near China's Mongolia border was cooler talk for weeks. Fast forward five years later, and Ordos is all but forgotten, having been eclipsed by a veritable army of much bigger "ghosts" that make up the "ghost town network" - a list of cities created by the China Investment Network, a business newspaper in Beijing, to determine which cities were the most ghostly.
As Caixin reports, the newspaper devised its index using a government standard that says cities should have 10,000 people per square kilometer. The editors at China Investment Network determined that if a city's ratio of people to area was 0.5 – that is, it was half full – then it is a ghost town. To take the example a step further, if a city had a ratio of .10, then it had one-tenth the population the government thought it deserved. Based on this approach, at least 50 Chinese cities fit the description of "ghost town." The large city of Weihai, in the eastern province of Shandong, and the tourist destination of Sanya, in the south's Hainan Province, were among China's emptiest.
Didn't we hear that last year? And the year before that?
New data out this morning showed new home sales rose 0.2% to 467,000 in September. That may seem like a small number, but it’s the highest rate since July 2008. The government also revised down August’s blockbuster number from 504,000 to 466,0000.
“A lot of times, economists like myself make the mistake of looking at housing as a macro indicator and it’s really not. You have to go city by city, state by state, neighborhood by neighborhood.”
As for what to expect next from housing – which is seen as central to the health of the economy by everyone from economists to Warren Buffett – it should get better next year.
“Unless we have a really terrible winter we’ll see a big pop in starts, that’ll help on supply, that’ll bring pricing down, and those numbers are going to look much better in 2015,” said Brusuelas. But still, “we got a long way to go."
“When we get into the next business cycle I would expect that some of the demographic realties will take over. The 84 million Millennials? They’re going to enter the system. There will be demand for homes,” he said. Just don’t expect that to happen in this cycle.
As they say in sports – better luck next year.
Frontier Communications Corporation (FTR) today announced completion of its $2 billion acquisition of AT&T Inc.’s (NYSE:T) wireline business, statewide fiber network, and U-verse operations in Connecticut. As part of the acquisition, Frontier also acquired AT&T’s DISH satellite TV customers in Connecticut. As a result of the transaction, Frontier will offer broadband, voice, video and other products to residential and business customers in Connecticut, the 28th state in the company’s portfolio.
Beginning October 25, 2014, the company will undertake a full conversion of AT&T’s Connecticut wireline, broadband and video operations into Frontier’s systems, providing residential and business customers with seamless, high-quality performance and enhanced customer service. Frontier has successfully completed numerous complex system and network migrations, most recently converting former Verizon operations in 14 states. Frontier estimates that it will realize significant cost savings from leveraging its current infrastructure in supporting the new Connecticut business operations.
And this is on top of the almost 100 stores they closed already this year.
Closing 200 stores/year = how many years before no more Sears/Kmart? Shades of A&P.
When I was a kid every stitch of clothing on our backs came from Sears. We bought driveway sealer and paint from Sears. Weatherbeater was the best exterior paint ever. Heck, my sister's first boyfriend used to sell securities out of a Sears store for Dean Witter.