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Companies Greet '03 With Charges, Layoffs

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timhyma Member Level Grandfathered Member Wednesday, 12/25/02 06:14:14 PM
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Companies Greet '03 With Charges, Layoffs

http://story.news.yahoo.com/news?tmpl=story&ncid=580&e=2&cid=580&u=/nm/20021225/bs_n...

A couple of notes:
The moves generally involve short-term pain with a payoff later. Take Citigroup Inc. (NYSE:C - news) and its decision this week to take a $1.5 billion charge to account for the settlement of Wall Street's stock-research scandal, losses in Argentina and problems related to energy trader Enron Corp. (Other OTC:ENRNQ - news)

The financial problems of UAL Corp.'s (NYSE:UAL - news) United Airlines and US Airways Group Inc. (OTC BB:UAWGQ.OB - news), both in Chapter 11 bankruptcy reorganization, spread to three other companies that were forced to take charges -- Bank of America Corp. (NYSE:BAC - news) for $1.2 billion; Walt Disney Co. (NYSE:DIS - news) for $83 million and Pitney Bowes Inc. (NYSE:PBI - news) for $100 million.



Halliburton Co. (NYSE:HAL - news), the world's second largest oilfield services company, agreed to pay $4 billion to settle asbestos claims.






Small Cap plays: #board-865
Big Board plays: #board-711
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