Mike: A gloomy job market on Thursday looks to extend its hold into Friday as the financial markets digest the senate’s refusal to bail out the auto industry. I find it very interesting that there were Republican wage cut demands on the contracts on the UAW, but I don’t recall any wage cut demands for bailing out the crooked banks with $700 billion. I guess it’s easier to demand that auto workers take salary reductions than it is to demand that overpaid bank and auto executives, who drove their companies into the ground, take wage cuts. The little guys must suffer the mistakes of their clueless leaders. On to the news:
WASHINGTON (AP) — Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse.
General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks, have few options left after the dramatic defeat in the Senate of a $14 billion bailout for the domestic auto industry.
Its demise late Thursday prompted immediate calls from lawmakers in both parties for the Bush administration to tap into the $700 billion Wall Street bailout to rescue the beleaguered auto industry. The bill failed after talks broke down over the refusal of the United Auto Workers union to meet Republican demands for aggressive wage reductions.
via Bailout dead, automakers in search of a lifeline: Financial News – Yahoo! Finance.
[youtube=http://www.youtube.com/watch?v=L7PMnKUcL1U]
CHARLOTTE, N.C. — Bank of America announced what’s likely its biggest round of layoffs ever Thursday afternoon, confirming plans to eliminate 30,000 to 35,000 jobs over the next three years.
Some layoffs are related to the bank’s pending purchase of Merrill Lynch; others are because of the faltering economy that already has forced the industry to shed hundreds of thousands of jobs.
Bank of America is healthier than most of its peers, so its massive job cuts are another signal of the depth of the current financial crisis.
via Business & Technology | Bank of America to cut up to 35,000 | Seattle Times Newspaper.
[youtube=http://www.youtube.com/watch?v=0xetVu1niiQ]
Rexam announced today it will close its Oklahoma City aluminum can plant in early 2009 leaving 80 employees without a job.
Beverage company plans to close Oklahoma City plant
CHAMPAIGN – Employees of the ACH Food Companies plant in Champaign were told Thursday morning the plant will close in six to nine months, according to a high-ranking official of Teamsters Local 26.
The Champaign plant has 250 workers. With plans to close another ACH plant in Jacksonville also disclosed Thursday, the move will cost 450 jobs, according to the company.
via The News-Gazette.com: ACH closing; former HumKo plant to halt operations in ’09.
NEW YORK (Associated Press) – Caraustar Industries Inc., a manufacturer of paperboard, said Thursday it will close its Richmond, Va., paperboard mill effective immediately and temporarily close a second plant.
The Richmond closure affects 52 employees at the plant. Caraustar said it will provide severance, benefits coverage and job assistance programs for the employees.
A major Utah employer made it official today: it will close up shop after less than three years in the state. More than 800 workers at KraftMaid Cabinetry in West Jordan will lose their jobs two days before Christmas.
In 2005, new construction and remodeling created demand for KraftMaid, so parent company Masco built an 840,000-square-foot plant and opened it in April 2006.
via ksl.com – KraftMaid to close plant 2 days before Christmas.
CHAMPAIGN, Ill. – ACH Food Companies is closing two Illinois facilities next year, which means the loss of more than 450 jobs in central Illinois.
The Memphis, Tenn.-based company told employees Thursday that it would close plants in Jacksonville and Champaign in the next six to nine months.
Texas Hydraulics is closing its Athens factory and eliminating 144 jobs.
Plant manager Scott Jones said the plant in the Interstate 75 Industrial Park will be shuttered by March.
via Dallas Morning News | News for Dallas, Texas | Texas/Southwest.
NORTH GREENBUSH — About a dozen employees at Pitney Bowes MapInfo will lose their jobs, part of a move by the company to cut 128 jobs worldwide, a spokesman said Wednesday.
The cutbacks were announced to employees on Monday.
via Pitney Bowes unit to cut 12 local jobs — Page 1 — Times Union – Albany NY.
SILOAM SPRINGS, Ark. — Franklin Electric has announced plans to cut 200 jobs from the company’s plant in Siloam Springs, a reduction that will include 80 percent of the plant’s work force.
via Franklin Electric Announces Deep Job Cuts – Local News Story – KHBS NW Arkansas.
Raycom Media Inc., which owns or operates 45 stations in 18 states, made personnel cuts across its properties, including WDAM-TV, which serves the Hattiesburg-Laurel area.
WLOX-TV in Biloxi and WLBT-TV in Jackson also were affected.
Jim Cameron, WDAM-TV vice president and general manager, said the television station laid off nine people, in addition to freezing some open slots. The station had about 85 positions.
via 9 laid off at WDAM-TV | hattiesburgamerican.com | Hattiesburg American.
Despite seeing a sales increase of 30 percent over the past year, the Pleasant Ridge-based Internet advertising firm ePrize has laid off about 20 workers.
The layoffs will affect the company’s offices in Michigan, California and New York
WASHINGTON – D.C.’s decision to slash the number of security guards, specifically armed security guards, at city government buildings has many residents surprised, especially considering the upcoming Inauguration.
Hawk One Security has laid off or reassigned dozens, possibly hundreds, of guards who worked in District buildings. Some of the armed guards, known as Special Police Officers, were asked to turn in their weapons and reassigned to lower-paying positions. The latest round of cuts went into effect Dec. 1.
via Many D.C. Armed Security Contractors Laid Off, Reassigned|NewsChannel 8.
The announcements comes weeks after Gary Powell resigned as chief executive officer, Walt Robb, Cyclics’ board chairman, has assumed the role of interim CEO.
Cyclics CEO resigns; 10 laid off
PLAQUEMINE — Two days after announcing a plan to close plants and cut jobs companywide, Dow Chemical Co. said Wednesday it will close two of the 28 units in its complex of plants here.
Dow officials won’t say yet how many local employees will lose their jobs, though the number is expected to be a small part of the Plaquemine work force. Exact numbers won’t come until January.
via 2theadvocate.com | News | Dow cutbacks hit Plaquemine plant — Baton Rouge, LA.
West Jordan » With KraftMaid Cabinetry now planning to mothball its plant here on Prosperity Road just two days before Christmas, city officials may want to consider renaming the street — perhaps to Hard Luck Boulevard.
KraftMaid, part of the Taylor, Mich.-based Masco Corp. known for its Behr paints and Delta faucets, intends to close the doors of its plant after less than three years in the state. The shutdown will idle between 300 and 500 employees.
via Hundreds losing jobs at KraftMaid in West Jordan – Salt Lake Tribune.
More layoffs today at DivX, the publicly traded video codec supplier that recently sued Yahoo over canceling a contract that makes up as much as 20 percent of its revenue. According to a tip that came into our Layoff Tracker, 21 people were let go. I just confirmed that until-now unannounced number with DivX investor relations.
via DivX Cuts 21 People From Payroll – washingtonpost.com.
GLENDALE — Troubles in the wood-products industry continued this week as the Swanson Group of Glendale announced another 201 layoffs in Oregon.
President and CEO Steve Swanson says housing starts were abysmal in 2008, and the outlook for next year is even more grim.
via Layoffs hit Oregon wood-products companies – Breaking News From Oregon & Portland – OregonLive.com.
THOMASVILLE, N.C. (WGHP) – Job cuts and layoffs are nothing new to the Piedmont. Tens of thousands of furniture and textile jobs have been cut in recent years.
Thursday, Furniture Brands International, Thomasville Furniture’s parent company, announced it was cutting 15 percent of its management, professional and hourly positions, totaling approximately 1,400 jobs.
via MyFox WGHP | Furniture Brands Worker Among 1,400 to Lose Job.
Sara Lee Corp. (SLE) announced plans Thursday to outsource some additional back-office operations in an effort intended to save up to $250 million a year as the company continues its turnaround effort.
The consumer packaged-goods firm, which has been hit of late with high commodity prices, said some 700 jobs would be cut, some of which are held by contractors. Sara Lee has about 44,000 employees.
via Sara Lee To Outsource More Operations, Expects 700 Job Cuts.
On February 6, 2009, 71 workers at the Alcan Global pharmaceutical packaging plant will be without jobs.
“It wasn’t really a shock to me, but it’s disappointing,” said Terry Scheinost, owner of the .
It’s disappointing because the entire community will feel the effects of the closing, especially because Alcan often bought supplies from local businesses.
Janesville – Two days before Christmas, the last shift of workers will assemble the last full-sized General Motors sport utility vehicle to roll off the line at the Janesville Assembly Plant.
More than 80 years of GM history in Janesville, years of steel and sweat, will be gone in a flash, unless the factory gains a last-second reprieve, a new lease on life with a new GM product.
All that will remain is a skeleton crew to finish off a small joint venture producing trucks for Isuzu, to watch over a factory that looms like an industrial dinosaur.
But even before the last Chevy Tahoe rolls off the line, the ripples of economic uncertainty wash over Janesville and surrounding communities.
via Ripple effect felt in closing of GM’s Janesville plant – JSOnline.
KB Toys Inc., which filed for bankruptcy protection yesterday, said it plans to begin going-out-of-business sales at all of its 431 retail stores immediately to take advantage of the remaining holiday season, court documents said.
The 86-year-old toy retailer, which has 17 Long Island locations, noted a “sudden and sharp decline in consumer sales” due to the larger global economic crisis, court filings said. Between Feb. 3 and Oct. 4, sales at stores open for a year or more had increased 0.36 percent from the previous year. But between Oct. 5 and Dec. 8, those sales dropped by about 19.77 percent from last year, court documents said.
KB Toys said the value of its total assets amounts to about $241 million and its liabilities total about $362 million. The company employs about 4,400 workers for the first three quarters of the fiscal year and then adds about 6,515 seasonal employees for the holiday season.
The permanent layoff notices at the DHL Air Park have begun to form a steady stream. The latest round Thursday affects 182 ABX Air employees.
Counting these latest workers, the ABX workforce in Wilmington has gone down from about 7,000 people in late May when DHL announced the planned United Parcel Service deal, to about 4,320 now, according to ABX spokeswoman Beth Huber. Since the May announcement, about 2,680 ABX Air jobs in Wilmington have been eliminated.
via Series of ABX layoffs continues.
Elmira, N.Y.-based cutting tool manufacturer Hardinge Co. will lay off 70 workers in its North American operations, idle its plant in Elmira for two weeks over the holidays and reduce production hours at its Taiwan and China facilities.
Plastics processing equipment manufacturer Milacron Inc. is also cutting back, laying off 90 workers and temporarily idling plants in Batavia and Mount Orab, Ohio, the Business Courier of Cincinnatireported.
via More manufacturers announce layoffs, shutdowns – 12/12/2008 6:59:00 AM – Industrial Distribution.
(Gazette, The (Cedar Rapids, IA) Via Acquire Media NewsEdge) Dec. 12–MIDDLE AMANA — The slowdown in refrigerator sales is hitting home again at Whirlpool’s Middle Amana plant.
Whirlpool management asked this week for 150 workers to take voluntary layoffs beginning Jan. 5. Under the voluntary layoff offer, employees can continue to receive health benefits while they are not actively working.
HAGERSTOWN – Volvo Powertrain North America will lay off 142 workers at its Washington County plant effective Jan. 5, spokeswoman Ilse Ghysens said Friday.
The layoffs are a result of the economic slowdown and will coincide with cutbacks in engine and transmission production, Ghysens said.
“It’s of course very unfortunate to make this decision but that’s what we have to do right now with the current market conditions,” she said.
via Breaking News: Volvo to cut 142 workers at its plant near Hagerstown.
The law firm of Edwards Angell Palmer & Dodge LLP has laid off 16 people from its Providence office.
Managing partner Walter Reed said the employees who lost jobs were support personnel such as secretaries, messengers and a few paralegals, and no attorneys were involved.
[youtube=http://www.youtube.com/watch?v=vYJKuX-e1Y8]
Blackstone Group LP, the world’s biggest private-equity firm, plans to eliminate about 70 jobs as profits from leveraged buyouts decline, according to two people familiar with the matter.
The layoffs, representing about 7 percent of Blackstone’s 1,000 workers, will affect most of the New York-based company’s business units, said the people, who asked not to be named because the decisions haven’t been made public. A Blackstone official declined to comment.
via Layoffs planned for world’s largest private-equity firm | APP.com | Asbury Park Press.
Advanced Analogic Technologies Inc. lowered its fourth quarter guidance and said it plans to cut 12 percent of its work force by the end of the year.
Santa Clara-based Analogic Tech (NASDAQ:AATI) develops power management semiconductors for mobile consumer electronic device.
At the end of 2007 the company had about 302 employees.
via Analogic Tech lowers guidance, plans job cuts – Silicon Valley / San Jose Business Journal: .
PARIS -(Dow Jones)- Adding to the swelling ranks of companies paring down staffing levels to match the lean economic environment, French cosmetics giant L’Oreal SA (12032.FR) is cutting 500 positions in the U.S., or 4.7% of its workforce in the country, between now and mid-2009.
Mike: A little advice for those going through a very difficult time:
With millions of Americans out of work and many more facing the prospect, Diane Garnick, investment strategist at Invesco, offers some advice for the downsized:
via What to Do If You Get Laid Off: Tech Ticker, Yahoo! Finance.
ITHACA — Since Cornell President David Skorton’s statement at the end of October that prudence will be needed to see the university through tough economic times, he has put his money where his mouth is.
The president has asked the Board of Trustees not to consider an increase in his salary this year, university media relations confirmed Tuesday.
via Laid-off staffers find positions elsewhere at Cornell | theithacajournal.com | The Ithaca Journal.
Mike: The Carolinas are getting crushed as badly as the industrial rust belt during this recession. Between all the layoffs in banking, furniture, hotel and hospitality, and textiles, the once sunny Carolina forecast has become overcast.
South Carolina will cut its spending by another $380 million, with two thirds of that money being sliced from public school and health-related budgets, state budget officials said Thursday.
The 7 percent across-the-board cut was imposed by the state’s budget oversight board, a day after state economists issued a dire report that predicted South Carolina’s unemployment rate could hit 14 percent by the middle of 2009.
via $380M More Cut From State Budget – Greenville News Story – WYFF Greenville.
FLINT, Michigan — Workers at the Flint Truck Assembly Plant were told today they will spend more time on temporary layoff at the start of 2009.
Truck plant spokesman Kevin Nadrowski said one line, which builds medium-duty GMC TopKick and Chevrolet Kodiak trucks, will be shut down the weeks of Jan. 19 and Feb. 23 and the entire month of March.
Mike: It may be time for these legal eagles to consider spending a little more time hitting the books instead of job hunting this season. An advanced legal degree will likely prove to be quite beneficial once the economy gets some forward motion in a couple years. But, then again, there must be plenty of demand for bankruptcy attorneys at this point in time:
By Lynne Traverse
Last month during a lecture to 100 1L law students on the subject of job-search skills, I found myself having to push hard to get students to ask questions, to talk to me about their concerns about the job market and their chances.
Finally, in exasperation, I asked why no one was responding. A woman in the front row confessed “We’re scared to death!”
Mike: One of the unfortunate consequences of job loss is an increase in support needs, which are then cut by states because of a dwindling tax base. Families that need temporary assistance will see the available avenues for assistance ending in more dead ends.
Increase in Food Stamp Use in Georgia
According to the Atlanta Journal-Constitution newspaper, food stamp use is increasing in Georgia:
“The state has generated about 10,000 new food-stamp cases a month since July, state officials said Thursday.
Duval County has seen a 24 percent increase in food stamp applications, and the rates are even higher in neighboring counties. Applicants are up 35 percent in Clay County, 36 percent in Nassau County and 52 percent in St. Johns County.
via Floridians On Food Stamps Up 45%; Highest Increase In Nation – Money News Story – WJXT Jacksonville.
Mike: Similar to the need for unemployment office workers, there is now a need for food stamp workers:
[youtube=http://www.youtube.com/watch?v=m6l2511JQu0&eurl=http://video.google.com/videosearch?hl=en&rlz=1C1GGLS_enUS291US303&resnum=0&q=youtube+food+stamps&oe=U]
Ireland’s Elan announced today that it would close its New York and Tokyo offices in the first quarter of 2009 as part of a cost-cutting and restructuring plan. The drug developer didn’t say how many jobs would be cut, though Pharmalot reports that 114 positions will go–7 percent of the company’s workforce.
Chemtura Corp, a Middlebury maker of specialty chemicals, said Friday it will slash its white collar work force by 20 percent, laying off about 500 professional and administrative workers worldwide as its order volume declines in the economic slowdown.
via Middlebury Based Chemical Manufacture Announces LayOffs — Courant.com.
Cleveland Paper Plant Eliminates Shift, Lays Off 35 Workers
International Paper announced Friday it will eliminate the third shift at its container plant in Cleveland.
The newsroom took the biggest hit, losing two positions, but all four employees were valued contributors to the newspaper and they are greatly missed for their skills and their friendships.
Certainly layoffs at newspapers are nothing new, with larger papers cutting hundreds of jobs at a time. At a smaller newspaper, the numbers seem less significant. But the two positions cut in our newsroom constitute a 25 percent reduction in force.
Layoffs and hiring freezes have hit Pittsburgh’s architecture firms as the struggling economy wreaks havoc on the country’s commercial real estate market.
“I’m not aware of a firm that is hiring anyone right now,” said Richard De Young, president of North Side-based WTW Architects, who was recently appointed as Pennsylvania regional director to the American Institute of Architects’ national board.
via Architecture firms implement layoffs, hiring freezes – Pittsburgh Business Times: .
CHICAGO The Paddock family-owned Daily Herald in suburban Chicago is for the first time offering buyouts to an unspecified number of employees as it cuts hours, and salaries, across the board.
via Suburban Chicago ‘Daily Herald’ Offers First-Ever Buyouts .
Mike: One of the downsides of being on the financial downside is the amount of downers needed to keep you from getting down – or something like that. Comfortably numb as Pink Floyd so aptly penned:
“If we looked to diagnose the city, I would say it has an anxiety disorder,” said Mel Schwartz, a psychotherapist with practices in the city and in Westport, Conn.
In September and October, prescriptions filled for sleep aids rose more than 7% to 366,870 compared to the same two-month period last year, according to data provided to Crain’s by Wolters Kluwer Health, a global provider of medical information. Prescriptions for anti-anxiety drugs rose 5% to 317,268, and anti-depressants were also up 5% to 926,654 in the two months in the city.
via Anxious New Yorkers popping more pills – Crain’s New York Business.
Mike: For more on the Pink Floyd connection:
According to Rolling Stone the lyrics came from Roger Waters’ experience when he was injected with tranquillizers for hepatitis by a doctor prior to playing a Pink Floyd show in Philadelphia on the band’s 1977 tour for the Animals album.[3][4] “That was the longest two hours of my life,” Waters said. “Trying to do a show when you can hardly lift your arm.” The experience gave him the idea which became the lyrics to this song.
[youtube=http://www.youtube.com/watch?v=JWnapx502uQ]
Steel mill announces layoffs
(Tulsa World (OK) Via Acquire Media NewsEdge) Dec. 12–A major employer in Sand Springs will lay off roughly 40 percent of its employees.
Managers at the Gerdau Ameristeel steel mill told union officials this week that they expect to issue layoff notices to about 150 people, said Troy Zickefoose, vice president of the local United Steelworkers union.
Mike: While drought is terrible news, there are worse places to have an extra week off than in Hawaii:
Facing the worst drought in its history and a 25 percent loss in sugar production, Hawaiian Commercial & Sugar Co. is furloughing 700 workers for a week, “from the manager to the janitor.”
General Manager Frank Kiger said Thursday that the company is having to cut its costs and ordered the unpaid leaves based on the loss of production experienced in this year’s harvest after two abnormally dry years.
via HC&S idles 700 workers for week – News, Sports, Visitor’s Information – The Maui News.
San Francisco-based industrial real estate investment trust AMB has laid off about 100 employees, the latest in a series of jobs cuts in the city’s struggling commercial real estate industry.
via AMB lays off 100 workers – San Francisco Business Times: .
Mike: It looks like new media is just like the old media – crumbling….
Twelve Politicker political news sites around the country, including PolitickerCO.com in Colorado, were shut down and their reporters unexpectedly laid off Friday morning. The sites, billed as “Inside politics for political insiders,” covered news in 17 states around the country
via Colorado Independent » Politicker.com shuts down Colorado, 11 other state sites, lays off reporters.
Maryland’s labor department is notifying unemployment benefit recipients that they can apply to keep getting checks for at least seven more weeks, thanks to Congress.
PARIS (AP) — Alcatel-Lucent said Friday it will eliminate another 1,000 white-collar jobs as part of its new chief’s plan to return the company to profitability, but shares slumped as investors were hoping for a bolder shift in business strategy.
via The Associated Press: Alcatel-Lucent to cut jobs as part of turnaround.
SAN FRANCISCO (CBS 5 / BCN) ― About 400 San Francisco workers were finding out that they had lost their jobs Friday.
Workers were being given notice Friday, and released from service in February as part of more than $118 million in budget cuts as well as revenue increases to fend off a projected $575.6 million deficit for the coming fiscal year.
via cbs5.com – 400 San Francisco City Workers Getting Pink Slips .
Some of the region’s largest real estate developers have announced layoffs in the fourth quarter. Miller-Valentine cut its 850-employee work force by 3 percent. A representative for Al Neyer Inc. declined to share specific figures but said it reduced the size of its support and design/build staff. Two national firms with large local presences announced staff reductions: Chicago-based First Industrial Realty Trust laid off 150 employees nationwide, and Denver-based ProLogis announced it would cut general and administrative spending by 20 percent to 25 percent. Minneapolis-based Opus Corp. closed its local office.
via Cincinnati commercial developers shedding jobs – Business Courier of Cincinnati: .
Creighton University moved Thursday to trim payroll expenses by offering buyouts and a reduction in hours to nonfaculty employees.
Both programs are voluntary…..
Creighton is offering up to 25 buyouts on a first-come, first-served basis to permanent employees who have worked there for at least five years, according to program details obtained by The World-Herald. Employees would receive a lump-sum payment based on their length of service.
Mike: Even green is red in this economic climate:
GT Solar International Inc., which provides equipment and technology for the solar-power industry, said Friday it was laying off 25 employees from its Merrimack, N.H., solar furnace plant.
SCHOFIELD, Wis. – A central Wisconsin fan manufacturer is cutting 164 jobs.
Greenheck Fan Corp. says the layoffs of factory and office workers are due to a slowdown in new orders of commercial and industrial air-moving equipment.
via Central Wisconsin fan maker laying off 164 workers — chicagotribune.com.
YONKERS — Facing what he called one of the toughest challenges of his administration, Yonkers Mayor Philip Amicone Friday announced several program and service cuts along with a six percent workforce reduction that will see 150 full- and part-time city workers lose their jobs as part of an effort to close a projected $16 million budget deficit for the current fiscal year.
SALISBURY — The Daily Times and the affiliated publications of the Delmarva Media Group last week cut 25 positions in a companywide effort by the Gannett Co. to reduce payroll by 10 percent.
In Delaware, Maryland and Virginia offices, 14 people were laid off. Nine of the eliminated positions were already open. Another two employees volunteered to leave.
via Delmarva Media Group cuts 25 jobs companywide | delmarvanow.com | The Daily Times.
Sonus Networks Inc. is laying off 50 employees, a move the company says should save between $5 million and $6 million annually. It will be about 5 percent of the company’s workforce.
via Sonus to cut 50 workers – Boston – Local Business News – Portfolio.com.
WASHINGTON — General Motors Corp. announced an additional five weeks of schedule reductions this morning at its Boxwood Road plant near Newport as part of a companywide effort to scale back production.
via More schedule cuts at Delaware GM plant | delawareonline | The News Journal.
Mike: Las Vegas will be seeing more layoffs in the casino business, which will lead to ever greater foreclosure numbers in a city with one of the highest foreclosure rates in the country. Snake eyes for these unfortunates this Friday:
LAS VEGAS — International casino owner Las Vegas Sands Corp. is cutting more than 200 workers from its Venetian and Palazzo casino-hotels on the Las Vegas Strip as part of an effort to save $100 million annually companywide.
via Las Vegas Sands cutting 200 Vegas casino workers – BostonHerald.com.
Carlsbad, Calif.–In yet another sign of how the recession is impacting the jewelry industry, the Gemological Institute of America has announced that it is cutting 11 percent of its U.S. staff and trimming executive salaries by 10 percent.
Mike: In this disturbed job market, rumors and truthiness run rampant, but many of them turn out to be factual. Here’s one of those rumors that’s popping up of late:
Strong rumors out of Ogilvy, New York that management is looking at letting 200 – 250 staffers go right after Christmas. Suggested timing for this wonderful event will be around the 8th or the 15th of January.
Advanced Analogic Technologies Inc. (AATI: News ), which makes power management semiconductors for consumer, communications and computing electronic devices, said Thursday that it expects fourth quarter financial results to be below its previous outlook mainly due to lower sales across its end markets, changes in product mix, restructuring charges and potential impairment charges………
As a result of continued deterioration in business conditions, AnalogicTech said it will expand its cost reduction initiatives and reduce its workforce by about 12% by the end of this year.
via RTTNews – Breaking News, financial breaking News, Positive EPS Surprises, Stock research …. .
Mike: Let’s end today with a little humor:
Sometimes when economic times are tough, parents have no choice but to make some budget cuts…by laying off their kids.
[vodpod id=ExternalVideo.760508&w=425&h=350&fv=scanscoutcode%3D763%26pageurl%3Dhttp%3A%2F%2Fwww.ebaumsworld.com%2Fvideo%2Fwatch%2F80439171%2F%26file%3Dhttp%3A%2F%2Fmedia.ebaumsworld.com%2F2008%2F12%2F80439171%2Fyourefired.flv%26mediaid%3D80439171%26title%3DYou%27re+Fired%26tags%3Dfamily%2Ckids%2Cparents%26description%3DYou+know+times+are+tough+when+people+like+this+are+getting+laid+off.%26displayheight%3D325%26backcolor%3D0x0d0d0d%26lightoclor%3D0x336699%26frontcolor%3D0xcccccc%E2%84%91%3Dhttp%3A%2F%2Fmedia.ebaumsworld.com%2F2008%2F12%2F80439171%2Ffired.jpg]
Mike: I hope you all have a fine weekend and if you have the time, drop by for my Weekend Update, which hopes to put this weeks news into perspective.
Rogers - Dec. 12
