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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jan 28, 2009
Page
4
AK Steel reports a 431 million dollar fourth quarter loss as demand wanes. Revenue fell 14 percent from a year earlier while the firm faced a 699.5 million noncash pension charge and a swing from a 106.7 million profit to a small after tax result. Shares slid to 8.64 dollars.
IBM quietly trims thousands of positions across sales software and hardware units as tech rivals publicize layoffs. The company cites cost cutting and regular staffing shifts while facing varied regional counts, including nearly 4,000 documented cuts and a shift of roles to India.
December jobless rates reached double digits in Michigan and Rhode Island while South Carolina and Indiana saw the sharpest monthly increases. The Labor Department noted widespread layoffs from Pfizer Caterpillar and Home Depot and warned conditions may worsen into 2010 as claims rose to 589,000 and continuing claims to 4.6 million. Michigan hit 10.6 percent, Rhode Island 10 percent. nationwide 7.2 percent. Textiles manufacturing and Detroit area auto jobs faced steep losses.
Local market notes show interest in agricultural and transport stocks with shifts noted in Tres Ames. Investors monitor regional listings for price movements, with small gains recorded in three key issues.
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