Replies to post #412 on Rockwell Automation (ROK)

[Investorman]

I take it you aren't in sympathy with the union - lol

[Investorman]

Rockwell Automation undertakes restructuring actions; expects FY09 savings of ~ $75 mln (ROK) 37.34 +2.35 :

Co announces restructuring actions designed to better align resources with growth opportunities and reduce costs in light of current and anticipated market conditions. The restructuring is the result of a comprehensive analysis of the co's cost structure and is expected to generate cost savings of ~ $75 mln in fiscal 2009, growing to $85 mln in fiscal 2010.

In connection with these actions the co will incur a pre-tax charge in the fourth quarter of FY08 of ~ $50 mln, which was not included in previous fiscal 2008 earnings guidance. Keith D. Nosbusch, chairman and chief executive officer, said, "These actions are consistent with the cost management approach we outlined in July".

The restructuring includes streamlining administrative and operations functions, realigning selling resources to the highest growth opportunities and consolidating business units. The restructuring headcount reductions, primarily in selling, general and administrative functions, equate to ~ 3% of the co's global workforce.

[Investorman]

NEW YORK (AP) -- Rockwell Automation Inc. shares may see increased activity Wednesday after the industrial automation and control company said it would cut 600 sales and administrative jobs, or 3 percent of its global work force, and take a related $50 million charge.

[Investorman]

More serious problems -

Lobster prices tank as diners claw back spending
By CLARKE CANFIELD
Associated Press Writer
The Associated Press
updated 9:24 p.m. MT, Wed., Oct. 22, 2008

PORTLAND, Maine - The price of Maine lobster, which accounts for 80 percent of the U.S. catch, is tanking.

The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.