Perverse capitalism. Same sorry state when stocks go down on good economic news in main street because fear of the end of free money for wall street.
1. 3 years ago, the initial 5 year plan was 25K pink slips to right the ship. Each quarter or two, the total increased until it totaled 55K.
2. In last week's earnings call, it was unclear if the recurring non-recurring one time layoffs would be 5% of total employment or 5% of total layoffs. I suspect it would be 5% of 55K.
What makes Cathy and Meg evil is that if you take the offer, you get 2 weeks severance. If you refuse to relocate, you get zilch. Not sure if any of the old timers are offered early retirement and they had to cash in their stock options.
I get all hot and bothered thinking about what they are doing to HP's legacy.
Lesjak got HP's teats and she is good at the pull-squeeze-pull:
Jun 27, 2015 LESJAK CATHERINE AOfficer 93,096 Direct Option Exercise at $30.53 per share. 2,842,220
Jun 27, 2015 LESJAK CATHERINE AOfficer 46,563 Direct Disposition (Non Open Market) at $30.53 per share. 1,421,568
When HP CFO Cathie Lesjak said last week that HP would be cutting another 5% from its workforce, beyond the last target of 55,000 people, she said something odd.
The additional cuts wasn't expected to increase HP's costs.
And now a person close to the company has given us some insight into how that might be done.
Some HP employees in the chronically troubled HP Enterprise Services business unit are being offered jobs at a different consulting company in lieu of severance.
The hiring company is Denver Colorado-based Ciber, HP confirmed to us. Ciber is an IT consulting company that resells HP products and has a labor partnership with HP. It's best known for helping companies install and work on SAP, Oracle and Microsoft products. (We've reached out to Ciber for comment and will update when we hear back.)
An HP spokesperson told us:
HP reached an agreement with a strategic labor partner, Ciber to allow more flexibility in managing labor demands. There are a small number of employees who will move from HP to Ciber, and become contractors to HP’s Applications Delivery Services organization. HP will continue to own and manage the end-client relationship and overall service responsibility.
HP told employees affected by this arrangement that they are being "terminated" and will not be offered the standard one week of pay for each year of employment, our source told us. HP will pay for unused vacation time only in states that require such payments by law, we were told.
Ciber will be sending out job offers in the next few days. HP employees have 48 hours to accept or decline.
This is a particularly difficult decision for long-term employees, who could wind up joining the new company with no seniority. But it's also a fairly creative way for HP to downsize its workforce and save money on the termination costs, while not completely chopping employees off at the knees.
Corporate profits up 1.3% in Q2
Q2 Corporate Profits: +1.3% Q/Q vs. -7.9% prior.
Initial Jobless Claims
Initial Jobless Claims: -6K to 271K vs. 270K consensus, 277K prior.
Continuing Claims +13K to 2.27M vs. 2.26M prior.
Q2 GDP growth estimate raised to 3.7%
Yesterday, indices closed within a hair of LOD. Today, indices closed within a hair of HOD. What it said was that there were buyers countering the seller orders. It is bullish for tomorrow. But don't ask me why this morning's futures was up after yesterday's closing plunge other than analysts upgrade on aapl and goog.
At the close
Dow +3.96% to 16,287.20. S&P +3.91% to 1,940.80. Nasdaq +4.24% to 4,697.54.
Treasurys: 30-year -1.77%. 10-yr -0.5%. 5-yr -0.22%.
Commodities: Crude -0.83% to $38.99. Gold -1.35% to $1,122.90.
Currencies: Euro -1.59% vs. dollar. Yen +0.89%. Pound +1.4%.
qqq up 5.03%. The Wall Street money changers liquidated all those margin accounts and limited sell orders in the past three trading days and start the cycle again. No wonder Goldman Sachs always make money bull OR bear days.
Presidential candidate Sen. Lindsey Graham (R-South Carolina) unloaded Tuesday on real-estate mogul Donald Trump, using some of his harshest rhetoric yet.
Graham argued Tuesday on CNN that his Republican rival is appealing to the same people who believe in conspiracy theories about President Barack Obama's birthplace or religion.
"Twenty-five percent of our party probably thinks that Obama was born in Kenya — or at least wants to believe that. There are 25% of our party [that] wants him to be a Muslim because they hate him so much," Graham said.
If Trump gets the GOP nod, even Hillary will win easily. In fact, Bush should run as an independent and make the race more interesting.
Alabama is number one and Colorado is runner up in $ spent per capita. DC, a district mostly populated by lobbyists and congressional staffs came in 3rd.
Who thunk it would be that a backwater state beats out the so called liberal states:
But some of the most interesting pieces of data come from examining the differences between regions. We already looked at what cities around the world had the most cheaters, but now data scientist Jake Popham has examined which states in the United States like to cheat the most.
This graph shows each US state organized by how many dollars it spends on Ashley Madison per capita. Alabama leads the charge, along with Colorado and Washington, D.C. — even though that's technically not a state.
All true. However, at present, they are trying to out-right each other to garner the conservative votes. It is so strange ... where are the silent majority inside the elephant tent?
Meg's 5 year recovery plan has done well for executive compensation -- good job in 57K layoffs, using meager ink profit to buyback expensive shares and set to deliver another $1b fees and expenses to split up into two messes instead of one.
Something is really wrong with the market when its market valley changed so much in a single session.
As my sister had pointed out, DOW component HD was at $92.17 at one point, down 22% from last Friday's close of $116.16 but closed at $112.54, off less than 2.75%.
After a long hiatus. Last one was in Summer of 2011 at the height of European PIIG crisis and federal shutdowns. And this bull run is still going strong after over 6 long years.
Hope the do-nuthin's would get off their behinds and past the infrastructure job bills.
Weird that he chooses to promote charity and world peace instead of follow the rest of the ex-Presidents who left office to make themselves lobbyists for the rich.
Got you sweating at the open right ... hpq, paypal, intel are all green as well ... my sister pointed out that HD was down 22% and now flat ... a lot of flash crashes today.
More so than Latino vote but the women vote. Trump has alienated even the Fox women though he seemed to be riding on the so called "bitter anti-immigrates" sentiment of simpletons if not closet bigots.
Jimbo said before market open that margin accounts were being closed early in the day. Makes sense to me as many of those accounts must be liquidated after last week's blood letting along with the Asian crash over night.
As some gurus reminded us last week, we used to have 10% correction about twice yearly. We are long over due. This morning, it opened near today's low with gigantic volume and by any measure, indices have since surged higher by 3% to 5% or more. Wonder who sold