Tag: nov 03 2020

BOEING WILL CUT THOUSANDS MORE JOBS. As the economic shutdown took its toll on the airline industry, the company earlier announced cutting 10 percent of its 160,000-strong labor force. Now Boeing says it plans to end 2021 with a staff of 130,000, which means letting go of another 14,000 workers. About 19,000 workers already have...

Online retailer Etsy reported third-quarter sales more than doubled from the same period last year, reaching $451.5 million and increasing profits five-fold, as shoppers stocked up on masks and treated themselves to new home décor items, the company said in a statement announcing the results. The number of shoppers on its site shot up 41...

Brokerage firm Charles Schwab, which owns TD Ameritrade, is laying off 1,000 workers across both companies or about 3 percent of its labor force. The layoffs are part of the ongoing process of eliminating overlapping roles since Schwab bought TD Ameritrade for $26 billion late last year, the company said in a statement announcing the...

Chip maker AMD will buy competitor Xlinx for $35 billion in stock, the companies announced on 27 October. AMD specializes in graphics and central processing chips, while Xlinx is a leader in field-programmable gate arrays, which can be programmed by users instead of by a manufacturer. The news follows Nvidia’s September $40-billion purchase of Arm...

Kraft Heinz, known for its ketchup and mac and cheese, reported third-quarter sales 6.3 percent higher than a year earlier, while cereal giant Kellogg saw sales climb 4.5 percent for the period. The two companies have raised their profit outlook for 2020. The move signals a reversal of fortune for Heinz, which is owned in...

Still traumatized by last spring’s toilet paper shortage? Analysts offer hints of what to stock up on before the next shutdown is imposed. Conagra, which owns Marie Callender, Evol, and Healthy Choice frozen dinner brands, reported strong sales in the third quarter. Procter & Gamble, maker of an array of cleaning products, saw sales rise...

With more than one million residents jobless and an unemployment rate double the nation’s average, New York City faces a longer, harder recovery than most other U.S. cities, analysts say. Broadway theaters are dark, and cultural events have been canceled or pushed to next year. By most estimates, no more than 15 percent of office...

Thirty to 40 million Americans may face eviction as state and federal eviction bans expire in January or sooner, according to federal government figures. The bans were imposed as tens of millions of Americans lost their jobs last spring; many bans were temporarily renewed in late summer. Millions of renters, however, are still jobless, have...

Why have equites rebounded from last week’s sell off? As reported by Wall Street on Parade, Last Friday, just before 11:00 AM, the Dow Jones Industrial Average sent an ominous signal. The Dow had been sinking all week under the weight of the spreading virus, renewed shutdowns in Europe and the U.S., the lack of...

Pretax profits from New York State’s securities industry totaled $27.6 billion during the six months of this year, an 82-percent rise above those of the same period in 2019 and the biggest six-month gain since 2009, according to a 22 October report from New York state comptroller Thomas DiNapoli. The industry’s profits for all of...