Boeing Co. (NYSE: BA) is delaying jet deliveries by as much as 10 weeks as it attempts to recover from a strike by its machinists, according to a report in the Wall Street Journal. BA shares were down 2.6%, with the market, by midday trading.
Toyota (NYSE: TM) -- The troubles in the auto industry don't affect just American carmakers.Toyota said Wednesday it will reduce production in the U.S. to cope with slowing sales there. It will stop production at all its plants in the U.S. and Canada for two extra days next month, and cut about half of 500 temporary workers at a plant in Georgetown, Kentucky by March. It will also reduce production of two models. TM shares were down 4% by midday trading.
LDK Solar (NYSE: LDK) -- shares were down 12% by midday despite beating estimates and raising forecast, Trina Solar (NYSE: TSL) -- shares were slightly lower by midday after as it posted revenue below estimates and slashed forecast, BJ's Wholesale Club (NYSE: BJ) -- shares were slightly lower as BJ beat estimates, and Hot Topic (NASDAQ: HOTT) -- shares are down 1.8% by midday trading despite reporting strong October sales are among companies reporting today.
KLA-Tencor (NASDAQ: KLAC) said it would cut 15% of its workforce, or 900 jobs, by June 2009. Shares were down 5.3% by midday trading.
Fannie Mae (NYSE: FNM) said it was notified by the New York Stock Exchange that it is deficient in listing standards and is subject to delisting as its shares have closed under $1 more than 30 consecutive trading days ending Nov. 12. Shares were down 15% by midday trading.
Citigroup Inc. (NYSE: C) is liquidating another hedge fund, Corporate Special Opportunities, after it lost 53% of its value last month, the Financial Times reported. Fund investors were not allowed to withdraw their money for about a year. Citigroup could lose "hundreds of millions of dollars." Citi shares were down over 12% by midday trading also on news it is buying back $17.4 billion in SIVs.
American International Group (NYSE: AIG) just can't seem to get it right when it comes to upsetting the people who bailed it out -- the taxpayer. On Tuesday, the insurer disclosed it would pay roughly $3 million to several executives under deferred compensation plans that are being terminated. Shares were down about 10% by midday trading.
Yahoo! Inc. (NASDAQ: YHOO) -- the search for the CEO continues following Yang's resignation. According to the WSJ, "two of the many people being considered at this stage are Tim Armstrong, a senior vice president at Google Inc. (NASDAQ: GOOG) and Peter Chernin, president of News Corp. (NYSE: NWS), said people familiar with the situation." Shares declined 12% by midday trading as Microsoft said it is done with acquisition talks with Yahoo!
Apple Inc. (NASDAQ: AAPL) -- A federal judge has tossed out Psystar's antitrust lawsuit against Apple for use anti-competitive practices to prevent companies from selling computers that run Mac OS X, according to court documents spotted by AppleInsider. Shares were down 1.5% by midday trading, less than the overall market.
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