Bloody Monday: Over 68,000 jobs lost
Six companies announce massive job cuts in a scary start to the week.
By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: January 26, 2009: 3:47 PM ET
NEW YORK (CNNMoney.com) -- The final week of January began with a bloodbath for the job market, as over 68,000 more cuts were announced on Monday alone.
http://money.cnn.com/2009/01/26/news...ion=2009012615
Texas Instruments reports big profit drop
Chip giant unveils plan to cut 3,400 jobs, 12% of its work force
By Benjamin Pimentel, MarketWatch
Last update: 5:00 p.m. EST Jan. 26, 2009
Comments: 5
SAN FRANCISCO (MarketWatch) -- Texas Instruments Inc. on Monday reported a huge drop in quarterly profit and unveiled a plan to eliminate 3,400 jobs as the chip giant warned it expects a "prolonged economic weakness."
Chart of TXN
TI reported a fourth-quarter net income of $107 million, or 8 cents a share, compared with a net income of $756 million, or 54 cents a share, for the year-earlier period.
Revenue was $2.49 billion, down from $3.56 billion last year. The results included restructuring charges of 13 cents a share.
Analysts had expected the Dallas-based chip maker to report earnings of 12 cents a share, on revenue of $2.37 billion, according to a consensus survey by Thomson Reuters.
The chip maker also announced a plan to cut 3,400 jobs, or 12% of its work force. TI said it will reduce 1,800 positions through layoffs, and 1,600 through voluntary retirement and departures.
http://www.marketwatch.com/news/story/Texas-Instruments-posts-big-profit/story.aspx?guid={F70FB6FC-519F-4A34-B40C-4F509EA5FB6B}
American Express earnings plunge 79%
Profits at the credit card issuer plummet in the latest quarter and fall short of analysts' expectations.
By David Ellis, CNNMoney.com staff writer
January 26, 2009: 47 PM ET
NEW YORK (CNNMoney.com) -- American Express reported a steep decline in earnings in the latest quarter, the company said Monday, citing slower consumer spending and rising delinquencies.
http://money.cnn.com/2009/01/26/news...ion=2009012616
68,000+ i 3,400 di TI.