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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: redfrecknj	1/22/2007 3:51:20 PM
	of 110194

Stock Building cuts 1,500 more jobs RALEIGH -- Stock Building Supply is cutting another 1,500 jobs because of the national housing slowdown. Stock, based in Raleigh and one of the nation's largest building material suppliers, had cut 2,000 jobs late last year as profits dropped from the housing slump. Pretax profits fell 14 percent at Wolseley Plc, the British parent of Stock, during the five months ending in December after a drop in housing starts proved sharper than expected, the company said today. Wolseley also announced it was cutting 500 jobs at its Virginia-based plumbing division Ferguson. Stock has branches in 33 states. Company officials could not be immediately reached about how many of the latest layoffs were in the Triangle. Staff writer Dudley Price can be reached at (919) 829-4525 or dprice@newsobserver.com.

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