Cigna (NYSE: CI) joined the slew of companies that have been announcing layoffs and workforce recuution in the past few month. The health benefits company said Monday that is was cutting 1,100 jobs, or 4% of its total workforce, to save up to $40 million.
Logitech (NASDAQ: LOGI) also said Monday that it was cutting 15% of its salaried work force, or 5% of its global workforce. The maker of computer products also withdrew its corporate guidance and didn't provide new earnings targets. LOGI's CEO urged caution for 2009.
LDK Solar (NYSE: LDK) cut its fourth-quarter revenue outlook and gross margin. It also said clients requested delays in shipments. LDK Solar dropped nearly 12.5% in pre-market action, taking many solar stocks down with it. The sector will likely see pressure today.
Mosaic (NYSE: MOS) reported fiscal second quarter Monday after the close, posting a 37% growth in net sales. However, the fertilizer firm also said it would cut output and expected weak results for its current quarter.Wells Fargo (NYSE: WFC) said Monday it has bought about $730 million in loan and lease receivables from GE Healthcare Financial Services - Equipment Finance, a unit of General Electric Co.'s (NYSE: GE) GE Capital. WFC shares are up nearly 2% in premarket trading.
Apple Inc. (NASDAQ: AAPL) was upgraded at Oppenheimer from Perform to Outperform.
Google Inc. (NASDAQ: GOOG) was upgraded at Merriman from Sell to Neutral.
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