We Live In Interesting And Nerve Racking Times!!
February 2, 2009
- Image via CrunchBase
January has been a packed month of gloomy stats. People are losing jobs and the numbers are big.
- Starbucks, your friendly coffee shop, will be closing 300 stores and cutting 7,000 workers from their payroll
- Sprint Nextel plans to eliminate 8,000 positions by March 31
- Caterpillar said it would cut 20,000 jobs, or about 18% of its work force to reflect the lower demand for its equipment
- Home Depot plans to close its Expo home-design business and cut 7,000 jobs, or 2% of its work force.
- Eastman Kodak plans to cut between 3,500 and 4,500 jobs, or 14% to 18% of its work force this year.
- Japanese electronics giant NEC Corp. says it plans to slash at least 20,000 jobs worldwide.
- Companies are losing money just like we are losing money in our portfolios
* American Express reported a decline net income of 79% from a year ago.
* General Electric‘s fourth quarter net income fell 44% to $3.72 billion.
* Ford Motor Co. posted a 4th quarter net loss of $5.88 billion due to a global decline in vehicle sales.
* Japan’s Nomura posted a $3.8 billion loss.
* Macy’s will cut 7,000 jobs, or 4% of its work force.