Two Ways To Play: Yelling "Fired" in a Crowded Recession
The global economy received another blow today as major companies announced a new round of layoffs to the tune of 62 000. According to the New York Times 45 000 occurred in the US alone. The losses were spread out across all industries. Caterpillar (CAT) the construction and mining equipment manufacturer shed 20 000; telecomm company Sprint Nextel (S) cut 8000; renovation retailer Home Depot (HD) slashed 7000; Pfizer's (PFE) takeover of Wyeth (WYE) will result in 8000 pink slips; and General Motors (GM) will axe an additional 2000.Across the pond ING (ING) said it would cut 7000 European jobs and ...
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