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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?


To: CalculatedRisk who wrote (29038)4/30/2005 11:19:11 AM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
Layoffs Du Jour
(week actually - I see one of Earlie's old favs at the bottom)
230...Guilford Mills
Guilford Mills to cut 230 jobs Fuquay-Varina, Greensboro to see cuts Open this result in new window
News Observer - Apr 21 12:25 AM
Specialty textile company Guilford Mills will cut the number of employees at its Fuquay-Varina yarn plant nearly in half, laying off 130 people, and shutter another plant in its home base of Greensboro that employs about 100.
newsobserver.com

40...Calypte Biomedical
San Francisco Business Times - 10:52 AM PDT Thursday
Calypte to shut Pleasanton office, lay off workers
Calypte Biomedical Corp. said Thursday it is laying off 40 to 45 employees -- two-thirds of its work force -- as a way to cut costs, starting May 1. It will also shutter its Pleasanton headquarters.
bizjournals.com

600, Interstate Bakeries
Posted on Wed, Apr. 27, 2005
kansascity.com
Interstate Bakeries to close Miami plant, lay off 600
DAVID TWIDDY
Associated Press
KANSAS CITY, Mo. - Interstate Bakeries Corp., maker of Twinkies and Wonder Bread, said Wednesday it plans to close its plant in Miami and streamline operations throughout Florida and Georgia, costing about 600 jobs.
Closing the plant will cost 480 jobs. Consolidating routes, depots and thrift stores in the two states will eliminate another 120 positions, officials said. Florida and Georgia markets would continue to be served by bakeries in Orlando, Jacksonville and Columbus, Ga.
The bankrupt company says the changes, expected to be completed by July 15 and requiring bankruptcy court approval, are part of the company's search for ways to cut costs and increase profits.
"We regret the difficulties for employees directly impacted by the consolidation in Florida," CEO Tony Alvarez said in a statement. "In the long run, we are doing what we must to revitalize the company, preserve jobs and maximize the value of the enterprise for all our constituencies."

116, Cincinnati Public Schools
channelcincinnati.com
Cincinnati Schools Lay Off 116 Teachers
Declining Enrollment Forces District's Hand
The Cincinnati Public School board officially gave pink slips to 116 teachers Monday night, News 5 reported.

350...Bechtel
# Bechtel warns 350 Hanford workers of impending layoffs
Bechtel National Inc., the contractor building a $5.8 billion waste-treatment plant at the Hanford nuclear reservation in Richland, has warned 350 employees that they will lose their jobs on June 24.
bizjournals.com

65...Mosaic Co.
Mosaic to Lay Off 65 Workers
The Ledger - Apr 28 3:02 AM
MULBERRY -- The Mosaic Co. announced Wednesday it would shut down six mechanic shops that service its local phosphate mines, resulting in the layoffs of 65 workers by May 23. The company will outsource the work to other companies instead of handling maintenance and repairs inhouse, said Diana Youmans, a Mosaic spokeswoman.

60...Kohler- 70 fired in january
Kohler workers learn of more layoffs
The Searcy Daily Citizen - Apr 26 10:31 PM
Todd Tippy, 30, of Searcy, expects to be out of a job by the end of the week. He is, he said, one of more than 60 workers that the Kohler sink manufacturing plant in Searcy is laying off this Thursday.
thedailycitizen.com

3500....Solectron
Solectron to Lay Off About 3,500 Workers
Friday April 29, 9:39 am ET
Solectron to Lay Off About 3,500 Workers, Record Charges in Global Restructuring Plan

MILPITAS, Calif. (AP) -- Solectron Corp., a provider of electronics manufacturing and integrated supply chain services, said Friday that it will lay off about 3,500 employees worldwide in a restructuring effort.
The cuts announced Friday represent a 6 percent reduction in Solectron's work force of 57,000 employees worldwide. Most of the layoffs will occur outside the United States.

As part of its reorganization, Solectron also plans to close plants and offices spanning a combined 850,000 square feet in Europe and North America.

"These are difficult but necessary actions as we continue to refine our cost structure," said Solectron CEO Mike Cannon.

The Milpitas-based company has been struggling to overcome a sales downturn for several years.

Cisco Systems Inc., IBM Corp. and Hewlett-Packard Co. are among the major high-tech companies that hire Solectron to assemble some of their products, with much of the work done overseas to hold down costs.

The outsourcing trend enabled Solectron to grow into a huge company, with $11.6 billion in sales last year. But many of Solectron's customers have had their own troubles in recent years, resulting in curtailed production. The slowdown has saddled Solectron with nearly $7 billion in losses during the past four years.

As part of its turnaround efforts, Solectron's has sold some divisions, closed facilities and eliminated more than 13,000 jobs during the past three years.

The latest reshuffling will cost Solectron $100 million to $115 million.

Solectron's shares gained 5 cents to close Friday at $3.30 on the New York Stock Exchange.
biz.yahoo.com



To: CalculatedRisk who wrote (29038)4/30/2005 12:40:18 PM
From: Crimson Ghost  Respond to of 116555
 
Calculated

Thanks for your response!

I greatly value your take on things.



To: CalculatedRisk who wrote (29038)4/30/2005 5:53:17 PM
From: shades  Respond to of 116555
 
All of the popular radio technical traders share your feelings - too much risk to the downside - longs at this point are foolish. What amazes me calculated is the number of people calling in to these shows who own FORD or GM or what have you and asking now that they have went down should they buy MORE - and all these guys - mark seleznov - phil grandie - the wiz mark mandell - gary kaultbaum - etc etc ALL say are you NUTS? THey keep telling these people remember all those 300 dollar stocks you now have for 3 bucks - and you still want to average down - people are really dumb - even the better informed who are listening at the BEAR traders still make the same dumb mistakes. I guess we all should be thankful for these sheeple - if they all get smart and watch technicals and read economic academics then who will take the losing side of the trade - liquidity would dry no? If we don't have a continuing influx of dumb people into the pyramid scheme it's over no?



To: CalculatedRisk who wrote (29038)5/2/2005 1:45:00 PM
From: ThirdEye  Respond to of 116555
 
Re: Market "rallies" on "cheaper" oil--could be a lotta different perceptions, i.e increased supply? recalculated inventories? restated reserves?

What happens this summer when the guv't stops purchasing to fill the SPR? Gonna be some strange conflicting influences then.