There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following:
- The Dow Jones Industrial Average opened the week at 8083 and, on Monday, dropped 26 points.
- On Tuesday, the Dow Jones Industrial Average dropped 138 points.
- On Wednesday, the Dow Jones Industrial Average jumped 109 points.
- On Thursday, the Dow Jones Industrial Average rose 96 points.
- On Friday, the Dow Jones Industrial Average drifted up 6 points and closed the week at 8131.
- More than 3,000 attorneys were laid off across the country in the first quarter of 2009.
- UBS announced that it was eliminating 8,700 additional jobs.
- Discover Financial Services is cutting 500 jobs.
- Farm machinery manufacturer, Deere & Co., is cutting 200 jobs.
- Hallmark Cards, Inc is laying off between 550 and 750 employees.
- Harley-Davidson expects to cut up to 400 more jobs due to sluggish market conditions.
- Michelin North America, the tire company, reported that it was closing a tire plant in Alabama and eliminating 1,000 jobs.
- Sony Erickson, the mobile phone maker, reported a firstvquarter loss and announced that it was cutting 2,000 more jobs.
- Southwest Airlines reported a first quarter loss of $91 million, announced a hiring freeze and said it would trim its work force by offering buyouts to employees.
- Best Buy announced that it will cut the pay of thousands of its employees and will fire others.
- General Growth Properties, the nation’s second largest mall owner, filed for bankruptcy protection. It is the largest real estate bankruptcy in U.S. history.
- General Motors is reportedly considering elimination of its GMC and Pontiac brands.
- Foreclosure filings in March, 2009 were 46% higher than in March, 2008. Foreclosure filings were made on 341,180 properties.
- JP Morgan Chase announced a first quarter profit of $2.1 billion.
- Citigroup reported first quarter results that exceeded expectations.
- Goldman Sachs reported a first quarter profit of $1.6 billion, exceeding Wall Street estimates.
- Nokia, the world’s largest mobile phone maker, reported that profits were down 90% in the first quarter.
- Baxter International, a drug company, announced that profits were up 20% in the first quarter.
- Intel topped Wall Street’s earnings estimates.
- Federal Express announced that it was removing 14 jets from service as business slumps.
- Experts expect that global advertising expenditures will fall 6.9% this year.
- Airlines report that business travel is off significantly.
- OppenheimerFunds is under investigation by at least five states regarding losses sustained in college-savings accounts known as 529 plans. OppenheimerFunds is owned by Massachusetts Mutual Life Insurance.
Page Perry’s Market Monitor is published periodically to give investors an overview of certain recent developments impacting the economy and/or the investment markets.