Monday, Jan. 26, 2009
Will the job cuts end? Not yet, it seems. Several corporations announced cuts Monday that amounted to a total of about 55,000 jobs.
A good chunk of these were from Caterpillar (CAT), which said it would cut about 20,000 over the next few months. Other companies included Sprint Nextel (S) [8,000 jobs], Home Depot (HD)[7,000], GM(GM) [2,000], and after the planned merger of Pfizer (PFE) and Wyeth (WYE), they plan to cut 18,000, combining their work forces.
Pfizer’s acquisition of Wyeth would create the world’s biggest drug maker and cost Pfizer about $68 billion. Both companies’ boards approved the deal and the combined company will use the Pfizer name. Many say Pfizer is working to extend its sales scope to other products besides just patented prescriptions like Lipitor, many of which are close to losing their patents in the U.S.
The existing home sales report came in Monday from the National Association of Realtors, showing a jump of 6.5% last month. This was helped by sales of foreclosed houses.
Pfizer and Wyeth CEOs on DEAL
FOXBusiness.com’s Week in Review: Jan. 19-23, 2009
Dell to close part of Lebanon facility as PC sales slow
Market Winners & Losers: Lennar, AFLAC
U.S. home sales rise in December
