Down big on new sanctions from the president yesterday. Road map begins with microsoft cutting a massive 18,000 jobs as part of restructuring focused on streamlines operations. Morgan stanley merely beating the street and blackstone trounss expectations. We will break it down for you. Hug it out. Icahn and ackman make up, but the highlights you did not see coming up. Microsoft announces a Restructuring Plan in the elimination of 18,000 jobs over the next year as they look to simplify operations and align the recently acquired nokia hand set business with the overall strategy. This is a charch of 1. 6 billion in the next four quarters. In an email, the ceo said, quote, as part of mod earnizing the processes, the disciplines change making the decisions to change are difficult, but necessary. Guys, the expectations had been for somewhere between 6 and 12. This is more. Yeah. Its about 18 of the pree nokia work force of 99,000. I think why people like this is because what these job cuts ar
Lets get back to our roadmap back here in the states. It starts with jobs. Employers adding 209,000 jobs in july, below forecast but showing strength in the labor market and the economy. The white houses reaction to that when were joined by the chairman of the council of economic advisers. And big earnings this morning. Tesla, gopro, Procter Gamble, chevron. And breaking news, auto sales trickling out all day long. Phil lebeau has the details. Ford up slightly. 9. 6 . Were going to get a lot of numbers here in the next hour. What we want to see at the end of the day is the ultimate sales pace for the month of july. Most estimate it will come in about 16. 7 million or 16. 8 million. Ford up 9. 6 in the month of july. Back to you. Thank you very much, phil lebeau. Back to that jobs number, the economy adding 209,000 jobs in july, the employment rate tibckd up to 6. 2 . We are also coming off of a bad day on the broader equity markets, also some concern about flows out of highyield funds
President obamas new round of sanctions, warning that measures would back fire and bring u. S. Russian relation toes a dead end, causing serious damage. As for the russian market reactions, take a look. Stocks in moscow were down sharply in early trading. You can see theyre down by 4. 3 . Later in the show, senator bob corker will be joining us. He is a member of the Foreign Relations committee. Hes been calling for tougher sanctions on russia. Well have more of that coming up. Right now, lets get over to andrew with more of todays corporate stories. Good morning, becky. Ge, former parent of this network, reportedly seeking buyers for appliance unit. It tried to do this back in 2008. It scrapped those plans, though, given the financial environment at the time. Ges Ceo Jeff Immelt promised investors to divert interests that arent seen as core. The company is set to post quart ily results before the bell toll. Well bring thou to you. If you have a dishwasher or a washing machine or you k
Morning, still below 2. 5 . As for europe, so much discussion over the weekend with what is happening in portugal. Markets responding generally positively that portugal will use some of the leftover rescue funds to try to recapitalize a new bank there and were seeing some credit spreads on the back of that as well. Half an hour away from the market open. Lets begin with the road map today. We take a look at markets with u. S. Futures looking for a comeback, International Tensions temper positive earnings news. Investors continually reinterpret the current take on its consumer. And in an interview with the economist, president obama telling ceos they should quit complaining. So before we get to all of that, lets start here with the market, according to a higher open, selloff with the worst s p since june 21st, in fact. Data showing growth in china sector but the shanghai market is at an eightmonth high overnight. So jim, are you bidding up portuguese paper here . So many things went wro
Points. S p up by close to 2 points above fair value pt and the nasdaq is up by 3. 5 points. Andrew, tag, youre it. Thank you, becky. We have Corporate News for you this final thursday morning before a long weekend. We should tell you that lululemons founder and advisers, the one that was kicked out, you might recall, chip wilson for those comments about who should be wearing those pants, hes reportedly talking to some private equity firms gauging their interest in a buy out of the yoga wearmaker. The wall street journal reports there is no deal in the works. A buyout would face a number of big issues because the premium that would be needed over the companys 6 billion market capitalization might be too high. But that is what people are talking about this morning. Also, volkswagen denying the report is planning a bid for u. S. Truckmaker paccar. Earlier today. Two analysts, two Research Analysts noted included the head of dominos truck unit saying that he has been told that volkswagen