Sprint will have large job cuts in 2009
US operator, Sprint Nextel is expected to announce a large round of job cuts in the new year as the company tries to turn itself around. Pali Research analyst Walter Piecyk wrote on his blog that the company would post a charge to its finances in Q1 to cover the cost of the redundancies, but will boost the long term profitability of the firm.
3M said over the weekend it would cut 1,800 jobs in the fourth quarter, and on Monday morning the diversified company cut its 2008 earnings guidance to reflect the global economic slowdown. Shares were down over 2%
Dow Chemical said it will lay off 5,000 workers and close 20 plants in "high-cost" locations as part of its accelerated restructuring plans. The news sent Dow shares up over 6%.
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