Caterpillar Inc. (NYSE: CAT) today announced that it would slash 20,000 jobs as the boom in ethanol production that fueled the company's growth is turning into a bust. Earnings at the farm and heavy-machinery equipment maker also will trail analysts' forecasts.But wait. There's more.
Home Depot Inc. (NYSE: HD), whose reputation suffered under the leadership of former CEO Robert Nardelli, will slash 7,000 jobs and exit the EXPO business. I am sure this won't make workers at Nardelli's current employer Chrysler LLC feel too good. Sprint Nextel Corp. (NYSE: S), whose troubles pre-date the economic slump, is firing 8,000 workers as it seeks to lower its expenses by $1.2 billion.
Thousands more jobs will be axed in the Pfizer Inc.'s (NYSE: PFE) $68 billion acquisition Wyeth (NYSE: WYE). Who knows how many employees will get chopped now that the Dow Chemical Co. (NYSE: DOW) purchase of Rohm & Haas Co. (NYSE: ROH) will not take place. Let's not forget Starbucks Corp. (NASDAQ: SBUX), which reportedly is firing 1,000 workers at its corporate headquarters.
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