Stocks Hit by Profit Warnings
Most stock market gauges slipped on Thursday, with technology shares closing near 28-month lows, as profit warnings jolted investors' confidence that corporate earnings can recover soon from the economic slowdown.
Kellogg to Cut 620 Jobs
Kellogg Co., the No. 1 U.S. producer of cold cereals, said on Thursday that it was cutting 470 jobs at Keebler Foods Co., the cookie and cracker maker that it completed purchasing three days ago.
Ryder Sees Profits Below Forecasts
Ryder System Inc.(NYSE: R - news ), the No. 1 U.S. truck leasing company, warned on Thursday that its first-quarter profits would fall below expectations due to weak commercial vehicle rentals.
Delphi to Cut Jobs, Take Charge
Delphi Automotive Systems Corp., the world's No. 1 automotive supplier, said on Thursday that it will slash 11,500 jobs, or 5 percent of its global work force, due to slowing vehicle production in Europe and North America.
Pfizer, IBM And Microsoft Plan Company
Drug maker Pfizer Inc. said on Thursday it plans to form an independent company with Microsoft Corp. and International Business Machines Corp. to develop software and services that help doctors manage their practices and medical information.
Delta, Pilots in Strike Countdown
The showdown between Delta Air Lines Inc. and the Air Line Pilots Association entered a new phase on Thursday, as federal mediators released the parties into a 30-day cooling-off period in their labor talks, after which the pilots could legally strike.
Economy Crept Ahead As 2000 Ended
The weakest U.S. economic growth in 5-1/2 years at the end of 2000 bit deeply into corporate balance sheets as profits shrank for the first time in two years, the government reported on Thursday.
Coke Bottler Cuts Outlook
Coca-Cola Enterprises Inc., the largest bottler of Coca-Cola Co. drinks, on Thursday said it will miss first-quarter financial forecasts, while Pepsi Bottling Group Inc., the top PepsiCo Inc. bottler, stuck by its earlier profit guidance.
Venator to Sell Northern Group, Cut Jobs
Venator Group Inc. on Thursday said it plans to sell its Northern Group business after restructuring it as a solely Canadian operation, and will close 323 U.S.-based Northern Reflections stores and cut over 3,000 jobs.
Pepsi Bottling Sticks with Outlook
Pepsi Bottling Group Inc., the largest bottler of PepsiCo Inc. drinks, reassured investors on Thursday that it remains comfortable with its earlier guidance for volume, price and earnings growth for the first quarter and the full year. |
