3,500 jobs...give or take.
Freeport had warned in July that it was prepared to scale back operations if commodity prices didn’t recover after reporting its second straight quarterly loss.
And they didn’t, so the miner is now ready to suspend operations at its Miami mine in Arizona, halve production at its Tyrone mine in New Mexico and "adjust" rates at other of its seven copper mines in North America.
Better hold on tight.
SHANGHAI/BEIJING (Reuters) - China's largest banks warned of a tough year after posting their weakest half-yearly profit growth in at least six years as a slowing economy forces the lenders to make even more provisions for soured loans and squeezes interest income.
Heard John Deere in same situation.
If there's no growth in the U.S. or China, where is it going to come from?
(Reuters) - Heavy machinery manufacturer Caterpillar Inc (CAT.N) said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction activities erodes its bottom line.
The Peoria, Illinois-based company said it notified workers earlier this week it will reduce staff in its customer services support division by cutting 475 jobs. The move comes after the company previously announced about 270 layoffs for Illinois employees.
"The restructuring is a result of a consolidation of several divisions combined with current business conditions," spokeswoman Lisa Miller said in a written statement.
Caterpillar has let go about 4,800 employees over the past year and has cut 20,000 full-time employees worldwide since 2012, more than 10 percent of its global workforce.
Still here, but lost an old friend to cancer recently. Everybody fudges the numbers. The market has 30% bloat built into it right now.
All the pent up demand for $800,000 homes.
You can only sell so many to money launderers and to the rental market.
Maggie payroll machine...blah, blah, blah- executive retirement scheme...blah, blah, blah- wealth destroyer, blah, blah, blah, blah-line run off...blah, blah, blah-terrible...blah- lousy...blah.
HP's CFO Cathie Lesjak says the company will cut up to an additional 5% more people from its workforce than the 55,000 people it had planned to eliminate.
This is a long-running layoff that began in 2012 with an initial target of 25,000 jobs, but grew until the target became 55,000 people.
Now it's grown again. Lasjak didn't give a new total number although she said the additional job cuts won't force HP to spend more on restructuring than it had planned.
Oh well.....there goes $4.5 trillion down the drain.
In a white paper dissecting the U.S. central bank's actions to stem the financial crisis in 2008 and 2009, Stephen D. Williamson, vice president of the St. Louis Fed, finds fault with three key policy tenets.
Specifically, he believes the zero interest rates in place since 2008 that were designed to spark good inflation actually have resulted in just the opposite. And he believes the "forward guidance" the Fed has used to communicate its intentions has instead been a muddle of broken vows that has served only to confuse investors. Finally, he asserts that quantitative easing, or the monthly debt purchases that swelled the central bank's balance sheet past the $4.5 trillion mark, have at best a tenuous link to actual economic improvements.
But as for spurring inflation, reducing employment or otherwise generating sustained economic activity, the results, particularly for QE, are "at best mixed." In addition to muted inflation, gross domestic product has yet to eclipse 2.5 percent for any calendar year during the recovery, while wage gains, and consequently living standards, have been mired around 2 percent or less.
WMT market cap = $224 billion
AMZN market cap = $251 billion
TOL market cap = $7 billion
Toll is now at a multi-year high. So....are you advocating buying high?
Wal-Mart does matter.
But hey, Wal-Mart is only the world's largest retailer.
Walmart cut its annual profit forecast on Tuesday as the retail giant was hurt by a stronger dollar and lower margins in the United States, as well as more spending on wages and e-commerce.
The retailer also reported that its earnings for the second quarter came in at $1.08 a share, below analysts’ expectations of $1.12 a share. It said currency exchange rates were responsible for cutting earnings per share by about 4 cents.
I live not too far from Alexandria, VA and used to work in the Hybla Valley area.
Sadly, a quick Google search for this development turned up nothing.
Troubling, inverse relationship.
NAHB Sentiment jumped to 61 - the highest since 2005 - despite weakening new home sales and collapsing lumber prices. Housing Starts also remain tepid (especially compared to 2005 levels) but hope springs eternal for an industry almost 100% reliant on hope. Prospective buyer traffic rose 2 points as Northeast saw a drop as West and South saw modest increases.
10 Year highs!!!