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UPDATE 2-Hess cutting hundreds of workers as it battles activist investor
HOUSTON, Jan 16 (Reuters) - Hess Corp is cutting
roughly 13 percent of its workforce and streamlining operations
as it battles an activist hedge fund shareholder pushing for the
U.S. oil and gas producer to post its first quarterly profit
BRIEF-Klondex Announces Reduction In Underground Operations And Workforce At True North
Klondex Mines Ltd(KLDX): * KLONDEX ANNOUNCES A REDUCTION IN UNDERGROUND OPERATIONS AND WORKFORCE AT TRUE NORTH AND EXECUTIVE MANAGEMENT CHANGE. * SAYS PRELIMINARY FY 2017 GOLD OUNCE PRODUCTION FROM TRUE NORTH IS ESTIMATED TO BE ABOUT 24,000 - 27,000 OUNCES. * SAYS DECIDED TO LIMIT UNDERGROUND MINING AT TRUE NORTH TO AREAS ALREADY DEVELOPED.
Tenet Healthcare's stock drops after increased job cuts, lower adjusted profit outlook
Shares of Tenet Healthcare Corp. dropped 3.9% in afternoon trade Monday, after the health care services company increased its workforce reduction target by over 50% in an effort to cut more costs. The company said in a presentation at the J.P. Morgan Healthcare Conference in San Francisco it would cut about 2,000 jobs as it targets an annualized $250 million in cost reductions by the end of 2018. At the Bank of America Merrill Lynch Leverage Finance Conference on Nov. 29, Tenet said it would eliminate 1,300 jobs and targeted cost cuts of $150 million. Separately, the company cut its 2018 adjusted earnings-per-share guidance range to 58 cents to 97 cents from $1.07 to $1.36, because it will no be able to recognize for accounting purposes the future benefit related to excess interest expense limitation carryforward, as a result of the new tax law. The FactSet 2018 adjusted EPS consensus was $1.23. The stock has lost 5.3% over the past three months, while the SPDR Health Care Select Sector ETF has gained 2.4% and the S&P 500 has climbed 7.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Drone-camera chip maker Ambarella's stock falls after GoPro to exit drone market
Shares of Ambarella Inc. fell 1% in morning trade Monday, in the wake of GoPro Inc.'s revenue warning and announcement that it was exiting the drone business. The maker of chips for cameras in drones said in its latest quarterly filing with the Securities and Exchange Commission that GoPro accounted for 19% of its fiscal 2017 revenue. GoPro's stock plunged 21%, the biggest one-day selloff since the action-camera maker went public in June 2014, after the company said it will exit the drone business because the "hostile regulatory environment" in the U.S. and Europe make the aerial market "untenable." GoPro also said it was cutting its workforce by more than 20% and provided a fourth-quarter revenue outlook that was well below expectations. Ambarella's stock has run up 27% over the past three months, while GoPro shares have plunged 40% and the S&P 500 has gained 7.6%. Earlier Monday, Amabarella introduced a new camera chip, for use in the home monitoring, automotive, drone and wearable camera markets.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
America’s 24 dying industries include sound studios, textiles, newspapers
While the economy as a whole grew at a healthy pace, workforce growth was far from uniform. Industries that at one time seemed unassailable now appear to be hanging by a thread.
BRIEF-Allergan Intends To Eliminate Over 1,000 Currently Filled Positions
* SAYS ANNOUNCED TO GLOBAL WORKFORCE SPECIFIC EMPLOYMENT
REDUCTIONS, OTHER COST-CUTTING ACTIONS BEING TAKEN, CONSISTENT
WITH NOV ANNOUNCEMENT
Zions Bancorp will pay employee bonuses, boost salaries thanks to tax bill
Zions Bancorp , the Salt Lake City-based large regional bank, said Tuesday it would pay $1,000 bonuses to nearly 80% of its workforce and increase compensation for nearly 40% of employees as a result of the tax legislation passed late in December. Wells Fargo and Fifth Third Bank previously announced they would increase the minimum wage they pay. Zions stock gained 18% over the past 12 months, lagging the 19.4% gain for the S&P 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Randolph Bancorp says to cut 8 pct of workforce in mortgage banking operations
Randolph Bancorp Inc(RNDB): * RANDOLPH BANCORP SAYS PLANS TO REDUCE OPERATING EXPENSES THROUGH WORKFORCE REDUCTION IN ITS MORTGAGE BANKING OPERATIONS - SEC FILING. * Randolph Bancorp Inc(RNDB) - WORKFORCE REDUCTION INVOLVES APPROXIMATELY 8% OF COMPANY'S EMPLOYEES AND WILL TAKE EFFECT BY YEAR END.
Teva Pharm to lay off a quarter of workforce, suspends dividend
TEL AVIV (Reuters) - Teva Pharmaceutical Industries is to cut its workforce by more than a quarter, give up many of its manufacturing plants and suspend its dividend on ordinary shares in a much-anticipated overhaul to help pay off its debts.
UPDATE 2-Israel's Teva to launch restructuring plan on Thursday
TEL AVIV, Dec 13 (Reuters) - Israel-based Teva
Pharmaceutical Industries will unveil a restructuring
plan on Thursday, the company said on Wednesday, after a
financial news website said the jobs of more than a half of its
Israeli workforce were set to be cut.
The small jeans firm with a big ambition
With a workforce of just 15 people, the Hiut Denim Company now sells its jeans around the world from its small factory in rural Wales.
BRIEF-PAR Technology Reduces Workforce by 4 Pct
Par Technology Corp(PAR): * PAR TECHNOLOGY SAYS ON DECEMBER 11, CO IMPLEMENTED A 4 PERCENT REDUCTION IN ITS WORKFORCE - SEC FILING Source text for Eikon: Further company coverage:
Robots could displace 375 million workers by 2030: McKinsey
Major workforce disruption is coming – here is what you need to do to prepare.
UK workforce sees biggest fall in two years
The number of people in work falls, but so does unemployment between July and September, figures show.
Siemens Gamesa to cut as many as 6,000 jobs
Siemens Gamesa said on Monday it plans to cut as many as 6,000 jobs worldwide as it braces for sales to plunge by as much as a fifth next year. The job cut would amount to more than 20 percent of the company's total workforce of around 26,000.
Stein Mart to cut 10% of its corporate office workforce
Shares of Stein Mart Inc. slipped 0.4% in afternoon trade Thursday, after the Florida-based discount department store chain it would cut its corporate office workforce by 10%, as part of ongoing cost cutting efforts. The company expects to cuts to save about $10 million in 2018. The job cuts are in addition to previously-announced cost-cutting measures, such as the suspension of the dividend announced in May, lowering inventories by 15% and cutting capital expenditures by $22 million. "While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment," said Chief Executive Hunt Hawkins. The stock has plunged 78.4% year to date, while the SPDR S&P Retail ETF has slipped 7.2% and the S&P 500 has gained 14.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Verizon reports 160,100 employees at qtr-end vs about 163,400 at prior qtr-end - SEC filing
* Says company had workforce of about 160,100 employees as
of September 30 versus about 163,400 employees as of June 30 -
Source text - (http://bit.ly/2gL83D9)
Further company coverage:
How to maximize your Social Security benefits, retirement savings
New challenges face today’s workforce when it comes to retirement savings; here are a couple of strategies to maximize benefits.
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