Ford is apparently also in talks to sell Volvo to its China partner Changan Automobile Group, according to sources cited by the National Business Daily. No further details were provided.
Sony (NYSE: SNE) announced job cuts. Yes, another daily news item is companies slashing their work force. Sony said it is cutting 8,000 jobs, or 4% of its global work force, aiming to cut costs by $1.1 billion a year. The company will also close several plants. Another 8,000 temporary workers will also lose their jobs at the electronic giant by 2010. Sony shares were 3.5% higher in premarket (8:00 am).
Texas Instruments (NYSE: TXN) shares are trading 3.5% lower in premarket action after the company joined so many others and lowered its forecast for fourth-quarter earnings and revenue, saying they would fall significantly below earlier forecasts. This isn't surprising as not only TXN itself noted the weakness in its orders, Nokia cut its own estimates, also other chip makers have already lowered estimates and research firms have estimated the global market for semiconductors will see further weakeness next year.
FedEx (NYSE: FDX), which Monday announced price increases, also said late in the day its annual profit may be as much as one-third lower than analysts expected because of a "significantly weaker" economy. Shares of FDX were trading 9.5% lower in premarket (7:23 am).
Yahoo! (NASDAQ: YHOO) directors may be close to a recommendation for the post of CEO. Among the candidates is Arun Sarin, former CEO of Vodafone (NYSE: VOD), according to Wall Street Journal sources. It's interesting that once again Sue Decker may be passed over for the job. YHOO shares were 1.6% lower in premarket trading (8:07 am).
Whole Foods Market (NASDAQ: WFMI) has had enough with the FTC as it continues to challenged the long closed merger with Wild Oats Markets. It appealed to Congress and filed a lawsuit to stop the FTC.
Some analyst calls:
- Barclays Capital downgraded 3M (NYSE: MMM) from Equal Weight to Underweight.
- Jesup & Lamont downgraded Suntech Power (NYSE: STP) from Buy to Hold.
- Global Crown Capital downgraded TXN from Overweight to Neutral.
- JP Morgan downgraded UPS (NYSE: UPS) from Overweight to Neutral.
- Pali Research downgraded Walt Disney (NYSE: DIS) from Buy to Neutral.
Closing Bell: Economic Catapult for Thanksgiving & Black Friday (WMT, TGT, GRMN, GOOG, MSFT)
Deere up on Q4 earnings performance
Reid Hoffman: LinkedIn will go public (at some point)
Reader Comments (Page 1 of 1)
12-09-2008 @ 9:36AM
Sandy said...
GM's stock was $64 per share when Wagoner took over in 2001. Now it is around $5. I agree with Dodd, the top management of GM should leave. There last seven years does not show a measure of success.
12-09-2008 @ 9:59AM
Melly said...
Oh, yeah, Sandy, I don't see him staying on much longer either.
The "car czar" would demand changes, no doubt, but who ever knows what will happen when politics and business get all mixed ...