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Whats Happening On Wall Street
By admin | July 3, 2008
# Job cuts, $1.3B charge at American Air. American Airlines (AMR) is cutting almost 7,000 jobs (8% of its workforce) and will take a $70M charge to cover severance costs and a $1.2B non-cash charge to reduce the value of its parked aircraft. Analysts say similar charge-offs are likely at peer carriers. American will reduce its U.S. capacity by 12%.
# Nvidia warning sends shares diving. Nvidia (NVDA) lowered its Q2 revenue and margin outlook due to delays, end-market weakness and price competition. It now sees revenue of $875-900M vs. $1.1B consensus. Nvidia (NVDA) also says it will take a $150-200M warranty charge arising from a material defect in certain notebook chips. Shares -21.9% to $14.08.
Topics: Daily Updates |
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