Thursday, April 21, 2016

"ITG [Lorillard] to cut 500 jobs", afternoon even lower earnings 'expectation' highlights most won't be aware of even if they read them, and math

"Up to 500 jobs will be cut in late June at the former Lorillard tobacco plant on East Market Street in Greensboro, according to an email from the company’s director of employee and labor relations.
500 x $25 per hour = $12,500
...“the company needs to reduce workforce by over 500 employees because of the loss of over 50% of our volume as the Reciprocal Manufacturing Agreement concludes.”
$12,500 x 40 = $500,000
$500,000 x 52 weeks = $26,000,000 per year in lost income to our community
which Greensboro's City Council and staff knew was coming

That's not counting the multiples of jobs which are going to go along with them,
which conservatively, should be about another 500 lower paying jobs

Call it $40,000,000 in lost income to Guilford County,
not including the lost property tax revenue from the property

Will the News and Record ask for an estimate 
of how much less our property tax revenues will be lost?

Don't count on it.

Will Greensboro's City Council reevaluate the massive borrowing binge?

Doubt it. 

Expect the crime rate to spike even more.

And the local press welcomed the merger with platitudes

They got sold a bridge

Sears to close dozens of unprofitable stores this summer

The company said it will close 68 Kmart stores and 10 Sears stores


Schlumberger profit falls 49% as revenue slumps

 http://www.marketwatch.com/story/schlumberger-profit-falls-49-as-revenue-slumps-2016-04-21-17485326

 Alphabet [Google] Sales, Profit Miss...

 ...hurt by lackluster growth in some of the Internet search provider’s advertising businesses.

 http://www.bloomberg.com/news/articles/2016-04-21/alphabet-sales-profit-miss-analysts-estimates-on-ad-weakness

 Starbucks Sales Trail Estimates as Growth Slows in Americas

 http://www.bloomberg.com/news/articles/2016-04-21/starbucks-sales-trail-estimates-as-growth-slows-in-americas

 Microsoft Profit Misses Estimates on Weak PC Market, Tax Rate

 http://www.bloomberg.com/news/articles/2016-04-21/microsoft-profit-misses-estimates-on-weak-pc-market-tax-rate

 Travelers Misses Expectations

 ...a 17 percent drop in earnings for the first three months of the year

 http://www.courant.com/business/connecticut-insurance/hc-travelers-earnings-20160421-story.html

 BlackRock Q1 profit drops, misses expectations as it collects less in fees

 http://www.usatoday.com/story/money/2016/04/14/blackrock-q1-profit-drops-misses-expectations-collects-less-fees/83022668/
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