Planned job cuts fell to 50,349 in November, the lowest level in nearly two years. The 9.6% decline from October, according to Challenger, Gray & Christmas, is the fourth month in a row in which layoffs fell. Also, from November 2008 to November 2009, planned reductions plunged 72% from 181,671. November was the worst month of 2008.

Challenger, Gray & Christmas sees companies slowing down the axe-swinging, a trend that has continued through the back half of 2009. Since July 1, 2009, employers have cut an average of 69,252 jobs each month. Through the end of June, the average was 149,446. The aggressive layoff pace in the first two quarters of 2009 have pushed this year's total ahead of 2008, with the year-to-date planned reduction total reaching 1,242,936 last month. That beats the 2008 full-year total of 1,223,993 and tops the November 2008 amount of 1,057,645 by 17.5%.

Continue reading Layoffs slowing down, but that doesn't mean hiring

Layoffs slowing down, but that doesn't mean hiring originally appeared on BloggingStocks on Wed, 02 Dec 2009 09:20:00 EST. Please see our terms for use of feeds.

Some of the jobs that have disappeared through this recession are gone forever, it seems. Even when the market turns, and even gains momentum, we could be stuck with a fairly weak employment market for a while. The recovery will take longer than we'd like, putting more distance between now and the top of the next market run. We've lost 7.2 million jobs since December 2007, and the predictions of some economists that we'll get them back by 2014 may actually seem optimistic.

Why is the recovery going to be such a grind? Check out the four major reasons after the jump.

Continue reading Four reasons we're stuck with high unemployment for a while

Four reasons we're stuck with high unemployment for a while originally appeared on BloggingStocks on Tue, 20 Oct 2009 15:00:00 EST. Please see our terms for use of feeds.

Unemployment is at its highest level since 1983, hitting 9.8% last month. The Department of Labor announced that 263,000 jobs were lost. This follows a revised loss of 201,000 jobs in August (lower than first reported). Nobody expected the August unemployment reprieve to last, and the increase suggests that the forecasted 10.3% unemployment rate for early next year will be realized.

Originally, the forecasted unemployment drop for September was 175,000, according to Bloomberg News, with individual economists surveyed reporting in a range of 100,000 to 260,000.

Continue reading Unemployment rate hits 9.8%

Unemployment rate hits 9.8% originally appeared on BloggingStocks on Fri, 02 Oct 2009 10:00:00 EST. Please see our terms for use of feeds.

Earlier this morning, Continental Airlines (NYSE: CAL) announced that it will cut 1,700 jobs, along with raising fees for checking luggage. CAL tagged this news along with its quarterly earnings report, in which it reported a loss of $1.72 per share. In the same quarter a year ago CAL lost a nickel per share. Excluding one-time items, CAL lost $1.36 per share compared to estimates for a loss of $1.35 per share. Quarterly revenue slipped 22.7% to $3.13 billion in the quarter, just shy of the consensus estimate.

Continue reading Continental releases earnings, announces job cuts

Continental releases earnings, announces job cuts originally appeared on BloggingStocks on Tue, 21 Jul 2009 15:30:00 EST. Please see our terms for use of feeds.

Continue reading Job losses slowed during May

Job losses slowed during May originally appeared on BloggingStocks on Wed, 03 Jun 2009 10:20:00 EST. Please see our terms for use of feeds.

Late last Friday, The Wall Street Journal reported that the Defense Department has ordered Lockheed Martin Corporation (NYSE: LMT) to cease work on a $13 billion contract to build helicopters for the White House.

The move was widely expected, since the Obama administration has previously pointed to the revamped copters as an example of excessive defense spending. However, the contract's cancellation will no doubt bring fresh job losses to Owego, NY, where the Marine One copter is being designed.

Continue reading Layoffs loom at Lockheed Martin after Marine One cancellation

Layoffs loom at Lockheed Martin after Marine One cancellation originally appeared on BloggingStocks on Mon, 18 May 2009 11:30:00 EST. Please see our terms for use of feeds.

Continue reading JockStocks: Nike eliminating jobs -- potential exists

JockStocks: Nike eliminating jobs -- potential exists originally appeared on BloggingStocks on Fri, 15 May 2009 09:30:00 EST. Please see our terms for use of feeds.

Dow component DuPont (NYSE: DD) said today that it will eliminate another 2,000 jobs as part of its ongoing plan to cut costs. Previously, the blue chip slashed 2,500 employees and 4,000 contractor positions from its payroll back in December.

The company will take a second-quarter pre-tax restructuring charge of $340 million to $390 million as a result of the job cuts, though DuPont said it will save $225 million by the end of 2010.

The news pressured DD to a loss of 3% within the first hour of today's trading. The stock's pullback could potentially find a floor near its 20-day moving average; in collaboration with its 10-day counterpart, this trendline has guided the shares higher since early March.

Continue reading DuPont to swallow 2Q charge after cutting 2,000 additional jobs

DuPont to swallow 2Q charge after cutting 2,000 additional jobs originally appeared on BloggingStocks on Thu, 07 May 2009 11:15:00 EST. Please see our terms for use of feeds.

Back on tax day, my friend and colleague Elizabeth Harrow wondered if Yahoo! (NASDAQ: YHOO) would announce job cuts when it reports earnings tomorrow. Ms. Harrow looked at a report in The New York Times about preparations for a "significant round of layoffs" and then took a look at the option activity on the Internet search portal a week ahead of earnings.

Something that Elizabeth noted was the fact that the 15 strike was going to assume the mantle of peak call open interest when the market opens for trading festivities today. This level could be a major sticking point for the stock, as Yahoo hasn't closed atop the $15 level since late 2008.

Continue reading A peek at Yahoo ahead of earnings

A peek at Yahoo ahead of earnings originally appeared on BloggingStocks on Mon, 20 Apr 2009 10:00:00 EST. Please see our terms for use of feeds.

A Yahoo spokesman declined to comment, but reports indicate that the payroll cuts could be announced next Tuesday, April 21, when the Internet portal is scheduled to release its first-quarter earnings results. Since she first joined the company in January, Ms. Bartz has made it clear that serious restructuring efforts would be necessary to repair Yahoo's struggling business.

Continue reading Will Yahoo! report fresh job cuts along with first-quarter earnings?

Will Yahoo! report fresh job cuts along with first-quarter earnings? originally appeared on BloggingStocks on Wed, 15 Apr 2009 13:20:00 EST. Please see our terms for use of feeds.

There's been no shortage of heartstring-jerking reports from the current economic crisis -- seniors whose retirement accounts have been wiped clean; families relocating from homes to motels; MBAs forced to wear their resumes on sandwich boards.

However, in my humble opinion, today's news might be the most pathetic: Sesame Workshop, the nonprofit organization that produces the classic Sesame Street TV show, is slashing 20% of its 355-member workforce.

Continue reading Wall Street takes its toll on Sesame Street

Wall Street takes its toll on Sesame Street originally appeared on BloggingStocks on Thu, 12 Mar 2009 11:40:00 EST. Please see our terms for use of feeds.

At roughly 7:30 AM EST, National Semiconductor (NYSE: NSM) released its third-quarter earnings report. The semiconductor company announced earnings of 9 cents per diluted share -- down from 16 cents per share in the second quarter.

In last year's third quarter, NSM reported earnings per diluted share of 29 cents per share. According to MarketWatch, the Street expected NSM to post a loss of 5 cents per share. Quarterly revenue dropped to $292 million, short of the consensus estimate of $296.8 million.

Continue reading National Semiconductor announces Q3 earnings, job cuts

National Semiconductor announces Q3 earnings, job cuts originally appeared on BloggingStocks on Wed, 11 Mar 2009 10:30:00 EST. Please see our terms for use of feeds.

Continue reading Chasing Value: Anglo American cuts 19,000 jobs & dividend

Chasing Value: Anglo American cuts 19,000 jobs & dividend originally appeared on BloggingStocks on Fri, 20 Feb 2009 15:00:00 EST. Please see our terms for use of feeds.

Continue reading Goodyear Tire (GT) loses air on earnings

Goodyear Tire (GT) loses air on earnings originally appeared on BloggingStocks on Wed, 18 Feb 2009 12:15:00 EST. Please see our terms for use of feeds.

Continue reading Nissan (NSANY) job cuts run deep

Nissan (NSANY) job cuts run deep originally appeared on BloggingStocks on Mon, 09 Feb 2009 10:15:00 EST. Please see our terms for use of feeds.

Unlike a certain former governor of Illinois, I'm not afraid to admit it when I'm wrong. So, when I noticed that makeup maven Estee Lauder Companies (NYSE: EL) was trading significantly lower today in the wake of its latest earnings report, I decided to take a fresh look at the stock. Was my bullish endorsement back in December completely wrong-headed, or is today's drop just a blip on the charts?

First, let's sum up the quarterly results. EL banked a second-quarter profit of 80 cents per share on $2.04 billion in revenue. The profit number exceeded analysts' expectations by three cents per share, while revenue matched consensus estimates. However, the company warned that third-quarter net sales are expected to drop 2% to 4%, and it announced plans to cut its headcount by 2,000 employees over the next two years -- roughly 6% of its workforce.

Continue reading Should you invest in Estee Lauder's post-earnings pullback?

Should you invest in Estee Lauder's post-earnings pullback? originally appeared on BloggingStocks on Thu, 05 Feb 2009 10:50:00 EST. Please see our terms for use of feeds.

Ohio-based regional bank Huntington Bancshares (NASDAQ: HBAN) reported today a series of drastic measures meant to reduce costs by $100 million in 2009. Huntington will cut 500 jobs, or about 4% of its workforce; freeze salaries at 2008 levels; eliminate executive and incentive awards for 2008; and discontinue the company's 401(k) match contribution.

"It is important that our customers and shareholders know that we are well-positioned to deal with this challenging environment," said Chairman, President and Chief Executive Officer Stephen Steinour in a statement. "Our liquidity position is strong."

Continue reading Struggling Huntington Bancshares cuts jobs, bonuses, and 401(k) match

Struggling Huntington Bancshares cuts jobs, bonuses, and 401(k) match originally appeared on BloggingStocks on Tue, 03 Feb 2009 11:45:00 EST. Please see our terms for use of feeds.

The homebuilding sector collapse has been longer and deeper than even the most pessimistic expected. Prices continue to fall and foreclosures keep rising. With so much supply on the market, the end does not seem near.

The result of the carnage will be a change in behavior that always comes with crisis. The biggest trend I see happening will be with respect to new construction, or, shall we say, the lack thereof.

Homebuilders are operating at historically low levels, meaning less supply on the market. But the assumption that demand for new homes will magically reappear once that supply dissipates is erroneous. Instead, look for homeowners to focus on making do with current stock.

Continue reading Can Home Depot rebuild?

Can Home Depot rebuild? originally appeared on BloggingStocks on Tue, 27 Jan 2009 11:25:00 EST. Please see our terms for use of feeds.

Dow component Home Depot Inc. (NYSE: HD) announced today that 7,000 jobs, or roughly 2% of its workforce, will be eliminated as the company shutters its 34-store EXPO Home Design Centers business. The retail chain said that EXPO "has not performed well financially and is not expected to anytime soon. Even during the recent housing boom, it was not a strong business. It has weakened significantly as the demand for big ticket design and decor projects has declined in the current economic environment."

Two thousand of the job cuts will stem from back-office reductions and a 10% haircut to the officers' ranks. Additionally, HD says it's freezing the salaries of all corporate officers in an attempt to save cash. Also on the chopping block is capex; the retailer said that capital spending will be slashed to about $1 billion in the coming fiscal year.

The changes to HD's payroll will result in about $532 million in restructuring costs, with $390 million affecting the recently concluded fourth quarter. However, the company backed its fiscal-year forecast. Sales and earnings per share are expected to decline by 8% and 24%, respectively, excluding charges.

Happily for the housing-dependent retailer, investors today seem encouraged by its cost-cutting moves. HD shares opened on a gain of about 4%.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.

Home Depot backs out of struggling EXPO business, slashes 7,000 jobs originally appeared on BloggingStocks on Mon, 26 Jan 2009 10:10:00 EST. Please see our terms for use of feeds.

One of the biggest complaints of the public equity markets is the incredibly short-term focus of participants. Management teams for publicly traded entities face severe consequences from a market short on patience.

Decisions tend to be focused on delivering short-term results. The "beat the number" game has become standard operating procedure. Such is the cost of accessing capital while providing shareholders liquidity.

But is worth it? I'm not so sure.

Investors want the company to make as much money as possible in the short term. As a result, if a company is not profitable in a given quarter, there is extreme pressure to cut costs and to do so immediately -- no matter the longer-term expense of such action.

In many cases cutting costs are exactly the right tonic to rejuvenate profits, but in some instances, those short-term cuts can do more damage than good.

This past week, Microsoft (NASDAQ: MSFT) dropped a big bomb on the market by releasing its quarterly earnings earlier than expected. Lost in the headline of the lower revenue and earnings number was the announcement that the company would be cutting 5,000 jobs from its rolls.

For the first time in its history, MSFT is laying off employees. My question is, why bother?

Continue reading What the heck was Microsoft thinking?

What the heck was Microsoft thinking? originally appeared on BloggingStocks on Fri, 23 Jan 2009 18:00:00 EST. Please see our terms for use of feeds.