Companies Slashes Outlook

From Yahoo! Finance: Bank of America says to cut up to 35,000 jobs

Bank of America Corp said on Thursday it plans to cut up to 35,000 jobs over the next three years.

From Yahoo! Finance: Analyst cuts 2009 EPS on deteriorating economy

For the third time in less than a week, an analyst cut his earnings projection Thursday for General Electric Co., citing the deteriorating economy and the conglomerate's exposure to financial markets.

From Yahoo! Finance: Sharp says mulling LCD production cut

Japanese electronics maker Sharp Corp. said Thursday it may cut production of liquid crystal display panels, as global demand falters for personal computers and mobile phones. Sharp will shut down production at two small domestic plants and cut 300 contract workers.

From Yahoo Finance: Ahead of the Bell: Tobacco sector downgraded

An expected federal excise tax and rising unemployment caused an analyst to cut her rating on the tobacco sector, which includes companies such as Philip Morris International Inc. and Lorillard Inc.

Goldman Sachs analyst Judy E. Hong late Wednesday downgraded the sector to "Neutral" from "Attractive," expecting a possible federal excise tax increase to hurt volume next year across the industry. Hong also said rising unemployment may limit companies' ability to raise prices. Philip Morris, for example, said recently it will raise prices across its portfolio, but Hong still said the increase is modest.

From Yahoo! Finance: Baidu.com lowers 4Q revenue outlook
Baidu.com Inc. lowered its fourth-quarter revenue guidance on Thursday after the Chinese search engine operator suspended thousands of merchants from its paid-search service that were selling medical products without licenses on file.

From Yahoo! Finance: Cadence Design shares fall on weak 2008 outlook

Shares of Cadence Design Systems Inc. slumped Thursday after maker of chip manufacturing equipment reported a sharp drop in third-quarter sales and lowered its fiscal 2008 guidance.

Late Wednesday, Cadence said it lost $169 million, or 67 cents per share, for the three months ended Sept. 27. That compares with profit of $72.7 million, or 24 cents per share, in the year-ago period. But revenue declined dramatically, falling 42 percent to $232 million from $401 million in the year-ago period and missing analysts' $239.3 million estimate.

Looking ahead, Cadence forecast fourth-quarter adjusted losses of 4 cents to 6 cents per share on revenue of $215 million and $225 million, compared with analysts' expectations for a loss of 7 cents per share and higher sales of $247 million.

For fiscal 2008, it lowered its outlook, now expecting an adjusted loss of 4 cents to 6 cents per share on revenue of $1.025 billion to $1.035 billion, compared with its earlier forecast for profit of a penny to 5 cents per share on sales of $1.12 billion to $1.14 billion.

From Yahoo! Finance: Volvo to cut output of truck motors in US

Swedish truck and bus maker Volvo AB said Thursday it is laying off some U.S. workers, furloughing others and throttling back on engine and transmission production due to slow sales.

The company will cut transmission production by a third and engine production by 25 percent at its powertrain plant in Hagerstown, effective Jan. 5, plant spokeswoman Ilse Ghysens said, and there will also be layoffs.

Earlier in the year, Volvo announced layoffs of 2,000 workers at truck plants in Belgium and Sweden and 1,350 workers at its construction equipment unit and more than 1,000 powertrain workers.

From Yahoo! Finance: Retailer KB Toys files for bankruptcy protection

In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday and plans to begin going-out-of business sales at its stores immediately.

From Yahoo! Finance: Sun to shut Scottish manufacturing site

Struggling Sun Microsystems will halt production at its Linlithgow plant in Scotland, the company said Thursday, part of a move to consolidate its global manufacturing operations at a single site in Hillsboro, Oregon.

Sun said the closure of the company's only manufacturing site outside the U.S. would result in the loss of between about 120 and 135 jobs, or about 6 percent of its U.K. work force.

Sun Microsystems Inc. spokeswoman Cathy Toft said the move was part of the company's previously announced plan to slash 6,000 jobs, or 18 percent of its global work force.

From Yahoo! Finance: Furniture Brands cutting 1,400 jobs
Furniture Brands International Inc. said Thursday it will cut 1,400 jobs, or 15 percent of its U.S. work force, as it grapples with a continuing soft retail market.

From Yahoo! Finance: Procter & Gamble trims fiscal 2Q sales outlook

Procter & Gamble Co. said Thursday it will miss a second-quarter sales target as the consumer products company acknowledged it isn't immune to the recession.

P&G said won't meet the 4 percent to 6 percent growth goal in the quarter ending in December. But the Cincinnati-based company still expects sales to grow between 4 percent and 6 percent over its fiscal 2009, which ends in June. "P&G is recession-resistant, but not recession-proof."

From Yahoo! Finance: Consumer spending, strong dollar hurt Costco in 1Q

Warehouse-club operator Costco Wholesale Corp. reported nearly flat first-quarter profit Thursday, citing the stronger dollar and cuts by U.S. consumers in spending on nonessentials.

Costco said consumers pulled back on spending on nearly all items outside of food, especially in the later part of the quarter, despite more aggressive pricing.

"I think people's habits have changed," Richard Galanti, Costco's chief financial officer said.

From Yahoo! Finance: Krispy Kreme again looks to future after 3Q loss

Krispy Kreme Doughnuts Inc. said Thursday higher ingredient and gas costs contributed to its losses in the third quarter, but it's optimistic about the steps the company has taken in its ongoing effort to transform the business.