Company Highlights: Wall Street Crisis, Workers Wanted
Stocks fall widely on Wall Street, extending market losses
NEW YORK (AP) — Stocks fell broadly on Wall Street, extending market losses amid worries about inflation and the way forward for the economy. The S&P 500 lost 2.1% on Monday, its biggest decline since mid-June. Some 95% of stocks in the benchmark lost ground. He finished in the red last week, snapping a four-game winning streak. The Dow Jones Industrial Average and the Nasdaq also fell. Tech companies and retailers suffered some of the heaviest losses. Signify Health soared after the Wall Street Journal reported that Amazon would make a bid for the company. Investors are eagerly awaiting the Federal Reserve conference this week.
Wanted: 7,000 construction workers for Intel’s chip factories
JOHNSTOWN, Ohio (AP) — With Ohio’s biggest economic development project comes a big job challenge. Intel earlier this year announced a $20 billion semiconductor manufacturing operation near Columbus. The company says about 7,000 construction workers will be hired to build the two plants ahead of an expected 2025 opening. Those jobs need to be filled even though several other major construction projects in central Ohio are already employing thousands. . The need also arises during a national shortage of construction workers. Intel says finding workers will not be without difficulties, but is confident there is enough demand for the jobs to be filled.
Ford cuts 3,000 white-collar jobs to cut costs
DETROIT (AP) — About 3,000 Ford Motor Co. white-collar workers will lose their jobs as the company cuts costs to ease the long transition from internal combustion vehicles to battery-powered ones. Executives at the Dearborn, Mich. automaker made the announcement Monday in a company-wide email, saying 2,000 full-time workers would be laid off along with 1,000 more contract employees. The salaried job cuts represent about 6% of the workforce of 31,000 people in the United States and Canada. Ford’s 56,000 unionized workers are not affected. The cuts will affect the company in the United States, Canada and India. Executive Chairman Bill Ford and CEO Jim Farley said in the email that Ford will provide benefits and significant assistance to workers finding new jobs.
Cineworld eyes bankruptcy as cinema struggles continue
LONDON (AP) — Cineworld Group said it is considering filing for bankruptcy in the United States for Chapter 11 protection as it faces billions of dollars in debt and more empty seats on its screens than expected. One of the world’s largest movie theater chains, the owner of Regal Cinemas in the United States, said Monday that bankruptcy was one of the options being considered amid a financial crisis. Cineworld faces challenges of its own after racking up $4.8 billion in net debt. But the industry as a whole is navigating a tenuous recovery after the shutdown of pandemic cinemas around the world. Box office revenues have rebounded this summer, but are still nearly 20% below pre-pandemic levels.
Musk subpoenas former Twitter CEO and friend Jack Dorsey
SAN FRANCISCO (AP) — Tesla CEO Elon Musk has subpoenaed friend and former Twitter CEO Jack Dorsey as part of an effort to back out of his $44 billion deal to acquire the company. company that Dorsey helped found. Twitter and Musk are heading to a trial on Oct. 17 in Delaware that is expected to determine whether or not Twitter can force the billionaire to complete the acquisition. Twitter has subpoenaed a host of Musk-linked investors and tech entrepreneurs, including prominent venture capitalist Marc Andreessen and David Sacks, PayPal’s founding chief operating officer.
Judge rules against Ben & Jerry’s in Israel sales fight
SOUTH BURLINGTON, Vermont (AP) — A federal judge has denied a request by Vermont ice cream maker Ben & Jerry’s to block a plan by its parent company to have its products sold through an intermediary in East Jerusalem and the West Bank. busy. In Monday’s decision, U.S. District Court Judge Andrew Carter said Ben & Jerry’s failed to show that the decision by London-based consumer goods conglomerate Unilever would harm Ben & Jerry’s progressive social mission. Jerry’s or would confuse his customers. Earlier this year, Unilever announced it was selling its Israeli stake in the Vermont ice cream maker to its Israeli licensee, which would market Ben & Jerry’s products in East Jerusalem and the West Bank with labels in Hebrew and English. Arab.
Buffett’s company set to increase stake in Occidental
OMAHA, Neb. (AP) – Warren Buffett’s company now has approval to increase its current 20% stake in Occidental Petroleum to 50% of the oil producer. But it’s not immediately clear how many more shares Berkshire Hathaway plans to buy. Shares of Occidental soared nearly 12% on Friday after the Federal Energy Regulatory Commission revealed it had approved the purchases. The stock gave back some of those gains on Monday to trade just below $70 after speculation that Berkshire might try to buy the whole company cooled. Analysts who follow Berkshire expect Buffett to buy more Occidental shares once the price drops back below $60.
Adidas CEO to step down next year, successor sought
BERLIN (AP) — Sportswear maker Adidas said CEO Kasper Rorsted will step down next year and has begun looking for a successor. The Germany-based company said on Monday that Rorsted and its supervisory board “have agreed” that he will hand over sometime in 2023. He has been CEO since 2016. The chairman of the Supervisory Board, Thomas Rabe, said “after three difficult years marked by the economic consequences of the COVID-19 pandemic and geopolitical tensions, now is the time to begin a CEO transition and pave the way for a reboot.
The S&P 500 fell 90.49 points, or 2.1%, to 4,137.99. The Dow Jones Industrial Average fell 643.13 points, or 1.9%, to 33,063.61. The Nasdaq fell 323.64 points, or 2.5%, to 12,381.57. The Russell 2000 Small Business Index fell 41.60 points, or 2.1%, to 1,915.74.