Markets & Finance

Ford To Present Plan For Cutting 25,000 to 30,000 Jobs


Ford Motor (F) executives will present a restructuring plan to the board of directors today that calls for closing at least 10 assembly and component plants, eliminating 25,000 to 30,000 hourly jobs in North America within 5 yrs, according to the Detroit News.

WellPoint (WLP) sees about $4.51 2006 earnings per share, which includes 18 cents impact for the expensing of stock options, on operating revenue of about $49.5 billion. This is 11% higher than the 2005 projection.

New York Times (NYT) expects 2005 total company advertising revenue growth in the low single-digits. It says that given limited visibility on advertising in 2006, it will not provide an outlook for 2006.

Gaylord Entertainment (GET) sees $924 million to $961 million 2006 revenue, and $152 million to $163 million consolidated cash flow.

McClatchy (MNI) reported a 1.6% increase in November consolidated ad revenues and a slight increase in total revenues. It maintains a 98 cents to $1.00 fourth quarter and $3.45 to $3.47 2005 earnings per share guidcance.

Gemplus (GEMP) agreed to be acquired by Axalto(AXTOF.PK) in a merger of equals deal, at two Axalto shares for every 25 Gemplus shares. The distribution of € 0.26 per share is to be made pre-offer by Gemplus to its shareholders.

General Motors (GM) named Frederick Henderson Chief Financial Officer, replacing John Devine. Tim Lee is to replace Guy Briggs as GM North America vice president of manufacturing.

Toro (TTC) posted better-than-expected 14 cents vs. 14 cents fourth quarter earnings per share on a slight sales rise. It raises its quarterly dividend 50% to 9 cents per share.

Comverse Technology (CMVT) posted 18 cents vs. 8 cents third quarter earnings per share (GAAP) on a 22% sales rise.

Alloy (ALOY)'s board approved a spin-off of its wholly-owned unit, dELiA*s, Inc., in which holders will receive pro-rata distribution in a ratio of 1 share dELiA*s stock for every 2 Alloy shares held.

Cumulus Media (CMLS) set a $100 million stock buyback.

Verint Systems (VRNT) posted 22 cents vs. 16 cents third quarter earnings per share (GAAP) on a 22% sales rise.

Nuance Communications (NUAN) posted 6 cents earnings per share fourth quarter loss vs. 6 cents loss (GAAP) as costs related to its acquisition offset a 47% revenue rise. It posted 6 cents Non-GAAP earnings per share.

Hurco Companies (HURC) posted 77 cents vs. 36 cents fourth quarter earnings per share excluding items on a 20% rise in sales and service fees.

Angelica (AGL) posted 9 cents vs. 31 cents third quarter earnings per share from continuing operations as higher operating expenses offset a 40% revenue rise. It expects significantly higher earnings per share and earnings before interest taxes depreciation and amortization, or EBITDA for fiscal year 2007.


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