Huh? Dude! What planet are you on?
By Au Du Jour on Thursday, March 22, 2001 - 12:39 pm:
Dude, the economy is in the tank man. It went down hill before Dubya took over. It was down long before the election. Dubya saw it coming and he is trying to do everything possible to stop it from eroding further.
You are right, it started last year and we should have seen it coming but you are SO wrong about the Whitehouse's "Cry Wolf" man!
The thing is that it is not getting any better because high-tech and Internet industries lost a lot of it values. People who used to own stocks, IRA accounts and mutual funds also lost big time.
Consumer confident eroded so people stop spending money. Companies can’t make any money or are making less money and see no end insight so they lower their earning expectations. Wall Street got spooked, plus some idiots, know-it-all so-called Stock Analysts are the one that kept lowering their grading for big companies..
Many new (fools) investors got spooked and bailed out.. Companies had to announce layoffs to cut costs and make money to satisfy their stock holders and investors … It is a vicious circle man!!! Don’t forget about those Internet dot com companies that shut down by the dozens .. perhaps over 100 now….. Man they put lots of people in the street and lots of people LOST their houses, cars and savings...
In the last 6 months Trillions of Dollars just went up and gone… OFF the US economic systems.
Man... it is real.. I am not trying to spook you or anyone because the real smart investors already made their money and they are getting in again now.
As for baby boomers problems, they are real... Those of us who are not prepared or have not been doing our best to save are the ones suffering the most.... You wanna take it easy before, now you are paying for it...
Age discrimination and bias are real.. These are real societal and behavioral problems and at the end everyone's paying the prices..
Gary dude, I feel your pain
More .. Later
By Anonymous on Monday, April 2, 2001 - 05:27 pm:
Cysive to Cut Up to 30% of Jobs, Take 1st-Qtr Charge (Update3)
3/30/01 9:44 AM
Organic laying off hundreds
By Gwendolyn Mariano
Staff Writer, CNET News.com
March 29, 2001, 3:55 p.m. PT
In a severe cost-cutting move, Internet consulting company Organic will lay off about 35 percent of its work force and said that it has received notice that company shares could be delisted from the Nasdaq.
The San Francisco-based company said on Thursday it is laying off about 300 people, leaving the company by the end of its second quarter with about 525 employees. The layoffs are part of a larger business restructuring to adapt to tough market conditions, Organic said.
Organic expects to record a restructuring charge of approximately $17 million to $20 million in the first quarter to cover severance and other costs.
Thursday's layoffs aren't the first for the upstart Net consultancy. In December, Organic eliminated 270 jobs.
Organic is part of the laundry list of similar companies that have used layoffs and other cost-cutting measures to counter the dot-com shakeout. Internet consultancy MarchFirst informed its employees of layoffs Thursday, offering most of them only a two-week severance package. Razorfish also cut staff this month.
Layoffs get under way at MarchFirst
By Melanie Austria Farmer
Staff Writer, CNET News.com
March 29, 2001, 7:55 a.m. PT
Beleaguered Internet consultancy MarchFirst is holding meetings Thursday morning to inform employees of layoffs, offering most only a two-week severance package, according to an employee whose job was just cut.
The employee, a consultant who asked to remain anonymous, said the decision did not come directly from managers but from Francisco Partners, which holds a hefty investment in Chicago-based MarchFirst. The employee said that MarchFirst is expected to release an official announcement regarding the layoffs sometime Thursday but offered little information about the future of the troubled Net consultancy
The company is staying mum on the matter. "I cannot confirm or deny any information at this point," said Kelly Miller, a spokeswoman for MarchFirst.
The company has been beset of late by reports of imminent layoffs. In recent months, it has battled a series of setbacks, including a sudden executive vacuum, gloomy financial results and several rounds of layoffs.
"Everyone in the office is sick about the whole situation," said the laid-off employee, who was asked to turn in a company-issued laptop. "I’m just happy to be out of the situation."
On Tuesday, shares of the company plunged to 13 cents a share after a report in The New York Times said MarchFirst is expected to cut as many as 3,000 jobs, or nearly half its work force.
On Wednesday, the Nasdaq Stock Market put a freeze on the company's shares and said trading will not resume until it complies with a request for information.
MarchFirst has had to slash roughly 2,000 jobs over the last few months as it attempts to cut costs, achieve profitability and redirect its focus. Like most players in the dampened Internet consulting sector, MarchFirst has been faced with the challenges of shifting its business to fit the sudden changes in spending from clients that need services such as Web development and help with their online strategies.
And you didn't see any problems? MAN, wake up!
By Anonymous on Monday, April 2, 2001 - 05:28 pm:
Xpedior putting its assets up for sale
By Melanie Austria Farmer
Staff Writer, CNET News.com
March 20, 2001, 8:20 a.m. PT
More hard times hit troubled Web consultancy Xpedior, prompting the company to seek a buyer for the sale of all or part of its remaining operations.
The Chicago-based company on Tuesday said it intends to sell its assets and apply the proceeds to the payment of the company's debts and other obligations. The company said it was not ruling out the possibility of filing for bankruptcy.
To continue operations in 2001, the company said it needs to secure additional, "substantial" capital, but also said that it will be "difficult or impossible" for the company to obtain such working capital. Although Xpedior anticipates that its current cash holdings, along with cash that may be generated from operations, should be sufficient to meet its projected operating requirements through the end of June, it said it is not certain it will be able to hold out that long.
Xpedior also said it closed four unprofitable offices, which resulted in cutting approximately 300 jobs, or 42 percent of its total work force. Additionally, Xpedior announced several executive departures, a notice of credit-line defaults and a possible Nasdaq delisting because of its low stock price.
Need I post anymore?
By Anonymous on Monday, April 2, 2001 - 05:30 pm:
MarchFirst warns of cash shortfall
By Melanie Austria Farmer
Staff Writer, CNET News.com
November 21, 2000, 6:20 a.m. PT
update Hard times have MarchFirst pinched for cash and intent on keeping employees from bolting.
The Net consultant's current cash resources coupled with existing sources of liquidity will not be sufficient to fund anticipated short-term cash needs, according to the company's 10-Q report filed late Monday with the Securities and Exchange Commission.
As stated in the filing, MarchFirst will need approximately $50 million in additional financing through the end of this year and another $50 million in early 2001 to refinance its existing bank facilities and to meet the company's liquidity needs for the foreseeable future.
Separately, Chicago-based MarchFirst said Monday that it is offering employees a stock reissuance plan in hopes that they won't march away.
Beginning next month, employees will be allowed to return outstanding stock options to the company for cancellation. Then, six months after the return, MarchFirst will issue employees one new option for every three canceled, and the value of the new options will be based on an average of the stock's high and low prices on the day they are issued.
MarchFirst shares, which have lost nearly half their value this month, closed down Monday at $3.06. The company, created from the merger between management consulting firm Whittman-Hart and Net consultancy USWeb/CKS, had seen its stock trade as high as $81.12 per share during the year.
Just last week, MarchFirst laid off about 1,000 employees, or about 10 percent of its work force, in an effort to trim costs and streamline operations. As a result of the reduction, the company has said it plans to save approximately $100 million annually, beginning next year.
With the stock reissuance program, the once high-flying company is hoping to boost morale and retain remaining employees during tougher times. But the moves may not be enough to keep the company's head above water, according to one analyst.
"MarchFirst is going down the tubes," said Tom Rodenhauser, an industry analyst who heads Consulting Information Services. "It's questionable whether (MarchFirst) has the ability to revive itself."
But Lehman Brothers analyst Karl Keirstead said in research notes that although MarchFirst's borrowings from loan agreements, credit lines and Microsoft, an investor in the company, have increased by roughly $45 million, the company shouldn't have problems obtaining the necessary cash.
If you insisted.. this is even before Bush took office man!
By Anonymous on Monday, April 2, 2001 - 05:45 pm:
Will tech boomtown become a ghost town?
By Erich Luening
Staff Writer, CNET News.com
March 28, 2001, 2:00 p.m. PT
Eighty percent of the remaining Internet companies in the San Francisco Bay Area will close their doors during the next year, causing thousands of layoffs and freeing up a vast amount of office space, new research says.
But the research, scheduled to be released Thursday, has caused a dispute between the two groups involved: real estate giant Cushman & Wakefield and the Rosen Consulting Group, which disseminated the report.
Although New York-based Cushman on Wednesday would not detail the discrepancies it has with the report, the company said it would release its own findings Thursday.
"Rosen Consulting Group provided the interpretation and analysis for this report," Christopher Lowery, Cushman's executive vice president of advisory services, said in a statement Wednesday. "Cushman & Wakefield only provided raw data. Cushman & Wakefield does not agree with the conclusions of this report."
The report, provided Wednesday to CNET News.com by Berkeley, Calif.-based Rosen Consulting, concludes that there is a 70 percent risk that a full recession will hit the San Francisco Bay Area, based on a sampling of Internet companies in the region.
In looking how the technology sector malaise is affecting the San Francisco Bay Area's real estate market, the report estimates that Internet companies will give up about 4.6 million square feet of office space between 2001 and 2003 and that 1.4 million square feet of renovated space will re-enter the market in 2001 and 2002.
Those estimates are based on projected Internet closures, lease transactions, and pre-leased space that is now under construction, the report said.
The city of San Francisco, which has been considered the Internet boomtown of the technology revolution, saw real estate prices for commercial and residential space soar beyond the national average. However, the survey found that "the rise and fall in San Francisco rents corresponds with the growth and decline of Internet employment."
Rosen Consulting, which is an economic and real estate consultancy, estimates that in just five months, between the fourth quarter of 2000 and February 2001, about 3 million square feet of sublease space returned to the market. Internet companies and other technology companies accounted for 77 percent of that space, the report said.
The report also said the implication of the technology market downturn is that there may be as much as 4 million square feet of additional office space that will be vacated over the next 12 months.
A separate report comparing the San Francisco Bay Area with similar markets that are highly concentrated in a particular industry and also experienced economic slowdown will be released by Cushman next week.
Man you got me going...
By Anonymous on Monday, April 2, 2001 - 05:59 pm:
Monday April 2 4:53 PM ET
drkoop.com Loss Widens As Company Looks for Cures
SANTA MONICA, Calif. (Reuters) - Internet health network drkoop.com (NasdaqNM:KOOP - news) on Monday reported a net loss of $22.8 million, or 59 cents per diluted share after accounting changes, for the fourth quarter, as it seeks therapy for its ailing online service.
During the quarter ended Dec. 31, the Web-based health information company, which has been trimming costs this year, reported its loss widened slightly from a net loss of $19.9 million, or 65 cents, in the period a year ago. There were more shares outstanding in year 2000.
For the year, the company reported a net loss of $146 million, or $4.16 per share, compared with a net loss of $82.5 million, or $3.97 per share, for the prior year.
Total revenues for the quarter fell to $1.3 million from $5.1 million in the prior-year quarter. For the year, the company's revenues rose to $10.6 million from $9.4 million in the prior year.
``By the end of the year, we cut costs significantly and prepared an aggressive strategy for further reductions in first quarter 2001,'' said Richard Rosenblatt, chief executive officer of drkoop.com, in a statement.
Last year the company cut its work force by 57 percent and shuttered its Houston headquarters, relocating operations in its Santa Monica, Calif., offices.
I could be here all day all night.... Egads!
By Anonymous on Monday, April 2, 2001 - 07:58 pm:
Monday April 2, 6:56 pm Eastern Time
Broadvision warns of loss, cut 15 pct of staff
(UPDATE: Adds additional conference call comments)
By Duncan Martell
SAN FRANCISCO, April 2 (Reuters) - Software maker BroadVision Inc.(NasdaqNM:BVSN - news) warned on Monday it would post a first-quarter loss, instead of the profit Wall Street had expected and said it would cut 15 percent of its work force as customers held off on purchases.
BroadVision, which makes software that allows companies to manage their Web pages and personalize them for customers, said it expected to post a loss of 14 cents to 16 cents a share and revenues of $85 million to $90 million.
Its operating loss for the quarter will be $37 million to $45 million, the company said.
Wall Street analysts on average had expected the company to post a profit of 2 cents a share and revenues of about $134 million, according to research firm Thomson Financial/First Call.
The company also said it would cut 325 jobs, or about 15 percent of its 2,220-person work force. BroadVision expected to take an unspecified charge in the second quarter for the job cuts.
Here again dude.... bams!
By yingyangDD on Tuesday, April 3, 2001 - 07:21 pm:
Technology - Reuters - updated 6:46 PM ET Apr 3
Tuesday April 3 11:10 AM ET
PSINet Faces Cash Crunch, May File for Bankruptcy
NEW YORK (Reuters) - Internet access provider PSINet Inc. (NasdaqNM:PSIX - news), warning that its financial auditors may question its ability to operate as a ``going concern,'' said on Tuesday it was running out of cash and will likely reorganize under U.S. bankruptcy laws.
PSINet, which also provides Web hosting services that run corporations' Internet sites, said it would not be able to file its 2000 financial report in the required time period.
Ashburn, Va.-based PSINet is the latest emerging communications firm that may get a ``going concern'' qualification, which is used for troubled companies that may go out of business.
Rhythms NetConnections Inc. (NasdaqNM:RTHM - news) and Teligent Inc. (NasdaqNM:TGNT - news) recently disclosed they may get similar warnings from their auditors.
Many small voice and data companies got hurt by the slowing U.S. economy, the tightening of capital markets, and a broad sell-off in technology and telecommunications stocks.
PSINet blamed ``rapidly changing circumstances'' for the delay. It said it believed more restructuring and impairment charges, which may be significant, would be posted in the fourth quarter.
As of March 30, PSINet said, it had cash, cash equivalents, short-term investments and marketable securities of about $254 million. About $27 million of that amount secures obligations under letters of credit and other agreements.
PSINet, whose name appears on the stadium housing the Baltimore Ravens pro football team, said these funds, as well as the expected proceeds from asset sales, would not be enough to meet its cash needs. Even if the company restructures, or pursues another alternative, it said, ``there can be no assurance that the company will not run out of cash.''
By Au Du Jour on Tuesday, April 3, 2001 - 07:31 pm:
Yep YingYangDD...And On and On........
Tuesday April 3, 7:26 pm Eastern Time
MicroStrategy cuts staff, outlook, will refocus co.
(UPDATE: Adds company comment, details, after-hours stock price, prev VIENNA, VA)
PALO ALTO, Calif., April 3 (Reuters) - Software maker MicroStrategy Inc. (NasdaqNM:MSTR - news), which has limped through the year restating results, settling lawsuits and losing more than 99 percent of its market value, on Tuesday said it would cut 600 jobs, or a third of its remaining work force, and warned that its first-quarter loss would be bigger than expected.
In an after-hours conference call, the Vienna, Va.-based company said it was turning away from other businesses in favor of its key intelligence software product line, which helps analyze customer information.
``We went on an expansion related to our vision of intelligence everywhere ... Over the past year, we feel like we've been a bit overextended. The current recession and the Nasdaq meltdown have pushed everything to a head,'' Michael Saylor, MicroStrategy's chairman and chief executive, said.
Earlier on Tuesday the company said it expected to report first-quarter revenue of $47 million to $51 million and a loss of 31 cents to 37 cents a share, excluding goodwill amortization costs and restructuring charges.
Analysts surveyed by research firm Thomson Financial/First Call, on average, had been looking for a loss of 30 cents cents a share and revenues of $58.3 million.
Shares of MicroStrategy Tuesday were off 16 percent, or 13/32, to $2-5/32 and settled at around $2 during extended trade on the Island system. The stock now trades at 0.65 percent of its all-time high of $333, reached March 10, 2000.
MicroStrategy, which gained notoriety last year after it said it would restate three years of earnings to reflect a loss and in so doing shed 62 percent of its value in one day, said it would trim or divest its none-core units and cut 600 jobs.
The company said the job cuts will occur by the end of the second quarter, during which MicroStrategy expects to take an as yet undisclosed restructuring charges.
The downsizing will affect Strategy.com, its majority-owned subsidiary. The company also will seek to sell or spin off Angel.com, its voice storage and retrieval unit.
Saylor said the move frees the company to focus on selling its MicroStrategy 7 product to large corporations and go head-to-head with competitor Business Objects SA (NasdaqNM:BOBJ - news). It also is key to the company's plan to be profitable on its core business by the fourth-quarter of this year.
Revenue from core operations should total about $170 million to $180 million in 2001, the company said.
By Au Du Jour on Tuesday, April 3, 2001 - 07:32 pm:
On and On...
Tuesday April 3, 7:12 pm Eastern Time
Columbia House To Cut 500 Jobs
COLORADO CITY, Colo. (AP) -- Columbia House announced Tuesday it will close its giant compact disc and video distribution center by the end of the year, a decision that means all 500 employees will lose their jobs.
An executive from the company's New York headquarters arrived in Colorado City to deliver the news, said Tom Worm, the distribution center's director.
``The rumors had been heavy here for some time now,'' Worm said. ``People weren't shocked. But there was some relief to know the truth, and then some sadness that good jobs are disappearing in an area where there are not a lot of jobs.''
Columbia House distributes 100,000 videotapes and compact discs daily from its warehouse near Interstate 25 about 20 miles south of Pueblo. The company is co-owned by AOL Time Warner and Sony.
Columbia House also has distribution centers in Indiana, Canada and Mexico.
A domestic order processing center employing 190 in Bloomington, Ind., will also be closed by the end of June and that business, along with that from Colorado City, will be moved to a facility in Terre Haute, Ind.
Bloomington workers will be offered the opportunity to transfer to Terre Haute, the company said. The Canadian and Mexican facilities will not be affected.
Record-club sales nationwide have been sagging for several years because of competition from Internet sales and computer sites such as Napster, where some copyright music can be downloaded free.
By Au Du Jour on Tuesday, April 3, 2001 - 07:33 pm:
And On....... and on.
Tuesday April 03 07:00 PM EDT
Sybase warns of lower profits
By Wylie Wong CNET News.com
Sybase issued a profit warning Tuesday, joining the legions of technology companies who are suffering from slower sales because of the U.S. economic slowdown.
The business software company announced that first-quarter earnings are expected to be 23 to 26 cents a share on revenue of $227 million to $231 million.
For the first quarter, which ended March 31, Wall Street analysts polled by First Call had predicted earnings of 28 cents a share. Merrill Lynch analysts had predicted first-quarter revenue of about $253.2 million.
By Anonymous on Tuesday, April 3, 2001 - 07:43 pm:
Tell me .. this too will pass..
Tuesday April 3, 7:01 pm Eastern Time
Keynote warns on earnings, sets staff cuts
(UPDATE: Recasts, adds comments from company, changes dateline pvs San Mateo)
By Andrea Orr
PALO ALTO, Calif., April 3 (Reuters) - Keynote Systems Inc.(NasdaqNM:KEYN - news), which monitors Web sites' performance and enjoyed a burst of demand during the Internet heyday, warned on Tuesday it would report lower-than-expected second-quarter earnings and would cut 13 percent of its work force.
The San Mateo, Calif. company said results had suffered partly because of its high-exposure to dot-com companies, many which have gone out of business or slashed discretionary spending.
Keynote stock, which once topped $162 a share, closed trading Tuesday down 7/16 to 10-3/4 and were quoted around $9-1/5 in after-hours trade, following the release of the earnings warning.
By yingyangdingdong on Wednesday, April 4, 2001 - 08:25 pm:
Wednesday April 4, 7:12 pm Eastern Time
Dell Stands by Revenue Forecast
By BRUCE MEYERSON
AP Business Writer
NEW YORK (AP) -- Dell Computer Corp. is standing by its revenue and profit forecasts for the current quarter, a rare dose of good news for an industry battered by the nation's economic slump and an unrelenting selloff in technology stocks.
The company announced late Wednesday that it won't reduce its targets for the three months ending May 4, which is the first quarter of Dell's fiscal year, at a meeting with analysts and media scheduled for Thursday morning.
Dell, the top producer of desktop and laptop computers in the United States, issued a short press release saying it still expects to report about $8 billion in revenue and earnings of 17 cents per share.
By YingYangDingDong on Wednesday, April 4, 2001 - 11:24 pm:
TheStreet.com Lays Off 20 Percent
by Dakota Smith
In its second round of layoffs, TheStreet.com is cutting its workforce by 20 percent to save $15 million.
The news appeared in an article on TheStreet.com, which stated that pinks slips hit "more than 30 percent of the editorial staff,
including several senior editors." The company is not releasing the number of employees axed; the AP puts that figure at 40 people.
TheStreet.com said the layoffs come in "response to fundamental changes in the economic environment."
The company laid off 20 percent of its staff last November, and closed its London office and the joint newsroom it shared with The New York Times.
Asked if the layoffs would affect TheStreet.com's subscription model, editor David Kansas replied in an email: "Actually, the layoffs are
aimed at preserving the subscription business, which is faring decently," he wrote. "The real pinch is on the free, ad-supported side, where ad revenue continues to be a problem.
At press time, TheStreet.com's stock was trading at $2.63, down 5.7 percent.
By YingYangDingDong on Wednesday, April 4, 2001 - 11:30 pm:
Interworld Teeters on Brink of Oblivion
by Brian Morrissey
With its stock price in the toilet and its cash reserve evaporating, Alley e-business software provider Interworld (Nasdaq: INTW) said it
would go out of business if its financing agreement with an Internet holding company falls through.
In its annual report filed with the Securities and Exchange Commission (SEC), Interworld painted a bleak picture: With just $12.1 million in working capital at the end of the year and $55.3 million in net losses last year, the company is in desperate need of a cash infusion. Its hopes are pinned on J Net Enterprises, a Las Vegas- based Internet holding company, which agreed to provide Interworld with up to $40 million in financing in a rights offering to common stockholders. The deal, which had J Net contributing a minimum of $20 million, would have left it with a controlling interest in Interworld, owning up to 79 percent of the company.
Interworld disclosed that it had received a warning letter from Nasdaq on March 13, advising the company that its stock would be delisted from the exchange if it did not trade above $1 for five
consecutive trading days before April 25. Interworld shares are currently trading at just 9 cents a share.
Under J Net's agreement with Interworld in January, the financing is contingent on Interworld's Nasdaq listing. A delisting would scuttle the deal. "We have been advised by counsel that due to recent events,J Net Enterprises may not be obligated to consummate those transactions," the company stated. Later in the SEC filing, citing its mounting losses and cash crunch, the company reported, "This raises substantial doubt about our ability to continue as a going concern."
By Anonymous on Friday, April 6, 2001 - 05:03 pm:
Friday April 6 2:22 PM ET
Egghead.com Reduces Work Force by 29 Percent
MENLO PARK, Calif. (Reuters) - Online software retailer Egghead.com Inc. (NasdaqNM:EGGS - news) said on Friday it has eliminated 178 positions or about 29 percent of its work force as part of its effort to earn a profit this year.
Egghead said the move affected 12 full-time, temporary and contract workers in its Menlo Park, Calif. headquarters and 157 full-time, temporary and contract workers at its Vancouver, Wash. facilities.
President and Chief Executive Officer Jeff Sheahan said ''2001 is proving to be a challenging year for most technology-related businesses, and we are positioning ourselves to stay ahead of changing business conditions.''
Sheahan said the job cuts are part of Egghead's strategy toward reaching it goal of profitability this year.
By Anonymous on Sunday, April 8, 2001 - 11:49 am:
Sunday April 8 9:12 AM ET
Intel(INTC.O) Sees Big Potential in Emerging Markets
By Esmat Salaheddin
Cairo (Reuters) - U.S. computer chip maker Intel (NasdaqNM:INTC - news) is looking to emerging markets to boost its business and is keen on expansion in the Middle East despite regional political turmoil, a company official said.
Intel Regional Sales Manager Nadim Garoudi told Reuters in an interview that despite a global economic slowdown, business in the Middle East was booming thanks to solid oil prices and widespread demand.
He said that despite a deadlock in Middle East peace efforts, a Palestinian uprising against Israeli occupation and an Israeli blockade of Palestinian areas, Intel's turnover in the Middle East doubled in 2000 compared to 1999, Garoudi said.
Intel does not publish regional results.
``The plan for this year may not (be to) double (turnover), but definitely something very close,'' he said at the weekend on the sidelines of the Cairo Gitex 2001 information technology trade fair.
``Despite the political crisis, business is still booming, partly because of higher oil prices, which means higher revenue for oil exporting countries,'' he said.
Garoudi said many governments in the region -- like Egypt, Saudi Arabia, the UAE and even Jordan -- were focusing on e-business concepts in many sectors.
``There is a conscious effort by leaders in the Middle East to invest a lot in IT (information technology),'' he said.
``Egypt and other emerging markets, like eastern Europe, the Middle East and Africa...are growing very, very fast (for Intel), much faster than the traditional mature markets like the United States and western Europe,'' Garoudi added.
Potential For Expansion
The rate of growth in personal computer sales in emerging markets ranged between 22 and 24 percent in 2000 compared to a projected average of 13 percent in developed countries this year, he said, adding Intel expected the emerging market level to be maintained for several years.
Saturation levels were also much lower in the developing world. In Middle East homes, for example, the PC penetration rate stood at about 15 percent of households against 50 percent in western Europe and 70 percent in the United States, he said.
Garoudi, who is responsible for sales in the Middle East, eastern Europe and Africa, said these regions still offered potential for expanding business.
``It's very important to us, strategically, to focus on emerging markets,'' he said.
Garoudi said Intel had this month opened an office in Cairo as part of a policy of regional expansion.
Intel opened an office in Dubai, the United Arab Emirates, in 1996 and opened a chip manufacturing plant in Israel about 25 years ago.
Intel is the world's largest chip maker and its processors run about 80 percent of all personal computers in the world.
In October, Intel won government approval for a $500 million project to build a microchip plant in Egypt. Garoudi said the plan was on ice due to the global economic downturn.
``These plans right now, not just for Egypt but overall, are not (being executed) in the immediate future due to the world economic slowdown,'' Garoudi said, adding that Egypt was still a top candidate for such a plant when conditions improved.
;-) Good and positive NEWS for once!
By yingyangdingdong on Monday, April 9, 2001 - 06:31 pm:
Monday April 9 2:24 PM ET
Intel Projects 8 Million Arab Net Users by 2002
DUBAI (Reuters) - The number of Internet users in the Arab world is expected to double to around eight million by the end of 2002, a senior official at U.S. computer chip maker Intel (NasdaqNM:INTC - news) said on Monday.
Gilbert Lacroix, Intel general manager for the Middle East and Africa, also told a news conference in Dubai that demand for personal computers in the Arab world was expected to reach 1.8 million units in 2001, nearly 30 percent higher than the previous year.
``The number of Internet users is doubling every year,'' Lacroix said. ``We are already close to four million users...By the end of next year, we will have about eight million users.''
A study released last month in Dubai, the Gulf's trading hub, showed that there were 3.5 million Internet users in the Arab world and predicted that the number would be more than five million by year end.
The study, by Internet company Ajeeb.com, also showed that the United Arab Emirates came in first place in the Arab region with some 660,000 Internet users and 220,000 subscribers.
Dubai, one of seven emirates in the United Arab Emirates, has recently opened an Internet free zone hoping to attract companies from around the world.
Industry experts say that the number of Internet users in the Arab world, with a total population of more than 200 million, remains low compared to the rest of the world.
Lacroix said demand for personal computers (PCs) was one of the highest in the world, fuelled by double digit gross domestic product growth in some countries and moves to cut or eliminate import taxes on personal computers.
``You are talking about the PC market for all the Arab countries this year, we believe it is around 1.8 million PCs for all the Arab world from Morocco to Dubai,'' Lacroix said. He said the growth rate was between 28 and 30 percent annually.
Intel's business growth in the Middle East in the first quarter of 2001 was 48 percent higher than a year earlier, Lacroix said, without giving exact figures.
The rate of personal computer sales in emerging markets ranged between 22 and 24 percent in 2000 compared to a projected average of 13 percent in developed countries this year, he said, adding that Intel expected the emerging market level to be maintained for several years.
Saturation levels were also much lower in the developing world. In Middle East homes, for example, the PC penetration rate stood at about 15 percent against 50 percent in western Europe and 70 percent in the United States, Intel officials say.
Intel is the world's largest chip maker and its processors run about 80 percent of all personal computers in the world.
Well, that should be good news for the stock market. Some investors are too stupid to know that good, solid company like Intel is worth more than companies that are "VAPORWARE" no profits - no capital cash in reserve. Intel is a cash cow company .. they have, billioins, and billions in SOLID cash.
By yingyangdingdong on Friday, April 20, 2001 - 01:11 pm:
Symbol: HWP (Nyse)
Last Trade 12:24PM 31.170
% Change -4.09 %
Market Cap. 61,951(mil)
Symbol: IBM (Nyse)
Last Trade 12:24PM 114.520
% Change +0.04 %
Market Cap. 200,912(mil)
Symbol: INTC (Nasdaq)
Last Trade 12:29PM 31.750
% Change -2.28 %
Market Cap. 213,678(mil)
Symbol: MSFT (Nasdaq)
Last Trade 12:29PM 69.590
% Change +2.28 %
Market Cap. 371,077(mil)
Quotes delayed by 15 minutes or more for Nasdaq, 20 minutes otherwise. Source: S&P Comstock.
Look at the above companies' Market Caps. and compare the Stock prices!!!
By yingyangdingdong on Friday, April 20, 2001 - 01:15 pm:
Friday April 20 9:03 AM ET
Recent Job Cuts at a Glance
By The Associated Press,
A number of major companies have announced job cuts in the past few months, including the following:
-Nortel Networks: 20,000
-Lucent Technologies: 16,000
-Ericsson (news - web sites): 15,300
-Delphi Automotive Systems: 11,500
-Procter & Gamble: 9,600
-Cisco Systems: 8,500
-Wachovia (created from First Union-Wachovia deal): 7,000
-Sara Lee: 7,000
-ADC Telecommunications: 6,000-7,000
-J.C. Penney: 5,300
-The Walt Disney Co.: 4,000
-Texas Instruments: 2,500
-ShopKo Stores: 2,500
-AOL Time Warner: 2,400
-Standard Register: 2,400
-Winstar Communications: 2,000
-Service Merchandise: 1,750
-PPG Industries: 1,500
-American Greetings: 1,500
-Norfolk Southern: 1,000-2,000
Source: Individual companies.
Some of these cuts are attritions (not replacing the employees that left by voluntarily resignation or retiring)
By yingyangdingdong on Friday, April 20, 2001 - 05:23 pm:
Honeywell plans to cut 6,500 jobs
Friday, April 20, 2001
Breaking News Sections
(04-20) 13:52 PDT MORRIS TOWNSHIP, N.J. (AP) -- Honeywell International Inc., a manufacturer of everything from jet engines to home thermostats, said Friday it is eliminating 6,500 jobs because of a slump in sales.
The cuts, spread across Honeywell's businesses around the world, represent about 5 percent of its global work force. Most of the cutbacks will be achieved through layoffs.
``Clearly we're seeing downturns in some of our end markets and these actions are being taken to address these weaknesses,'' said Honeywell spokesman Tom Crane.
On Friday, Honeywell reported first-quarter earnings of $41 million down from $506 million a year earlier.
By yingyangdingdong on Friday, April 20, 2001 - 05:25 pm:
Ericsson to shed up to 12,000 more jobs
ED McCULLOUGH, Associated Press Writer
Friday, April 20, 2001
Breaking News Sections
(04-20) 12:56 PDT STOCKHOLM, Sweden (AP) -- Telecommunications giant LM Ericsson said Friday it plans to shed up to 12,000 more jobs this year in an effort to restore profitability amid a world economic slowdown and reduced demand for cell phones.
The job cuts were in addition to the 3,300 layoffs announced last month, bringing the total cuts to just over 14 percent of the work force as part of efforts to save $2 billion in annual operating costs by next year.
``We have to be realistic and adapt to the current situation,'' President and Chief Executive Kurt Hellstroem said at a news conference. ``We have to bring Ericsson back to profitability.''
The market reacted negatively to the announcement and the release of a disappointing earnings outlook. Ericsson's shares plunged 13.8 percent to close at $5.84 on the Stockholm exchange.
Hellstroem said 2,000 of the job cuts would be in the company's ailing handset division, while 10,000 would be on the systems side, mainly ``sales, marketing and general administration.''
But company officials said they were still working on the details and declined to specify in which regions the cuts would occur, other than to say nearly half would be in Sweden, or how many people were being laid off versus reductions through attrition.
``What we can say is that by the end of the year, we expect to have reduced our work force to less than 90,000,'' spokesman Mads Madsen said, adding only that ``a large portion'' would be laid off.
Several thousand other employees not included in the figures announced Friday also were being transferred as part of previously announced deals with other companies.
The Stockholm-based company, which has been struggling with its ailing handset division, said its first-quarter orders and sales were off by 5 percent, and operating income would have been negative except for a capital gain by the sale of shares in another company, Jupiter Networks Inc.
January to March sales declined to $5.7 billion from $6.8 billion during the same period last year. First-quarter pretax loss was $500 million, excluding the $567 million gained by the sale of Jupiter shares. A year ago, the company registered a $707 million pretax profit.
Ericsson's mobile phone unit, which lost more than $1.9 billion last year, posted a loss of $565 million so far this year.
The company also gave a disappointing outlook, saying it does not expect results to improve in the second quarter and declining to comment on expectations for the rest of the year.
``Today we don't see any signs of a recovery in the market,'' Hellstroem said.
Hellstroem also said the world market for handset sales this year probably won't top 480 million units and may be as low as 430 million. Earlier, Ericsson projected global sales might reach 540 million.
Ericsson, with 107,000 employees in some 140 countries, announced in January that it was transferring its mobile phone production to Singapore-based Flextronics International. Under the deal, 4,200 employees were being transferred as Flextronics took over Ericsson's mobile phone factories in Brazil, Malaysia, Sweden, Britain and parts of a plant in Virginia.
Meanwhile, Ericsson's Nordic rival Nokia, the world's No. 1 cell phone maker, recorded a strong first-quarter result and predicted 20 percent growth for the rest of the year.
On the Net:
Company Web sites, www.ericsson.com
By yingyangdingdong on Friday, April 20, 2001 - 05:31 pm:
EBay sees profits rocket in 1st quarter
Financial slump boosts auction site
Carolyn Said, Chronicle Staff Writer
Friday, April 20, 2001
When times get tough, folks bid for bargains.
That became clear yesterday when online auction site EBay reported spectacular first-quarter earnings, propelled by users who bought and sold almost $2 billion worth of merchandise -- from baseball cards, to automobiles, to Elvis memorabilia to antiques.
"'EBay's momentum continues to accelerate," Chief Executive Officer Meg Whitman said yesterday during a conference call with analysts, adding that $251 worth of goods is sold on the site every second.
EBay, which makes money by collecting commissions on those transactions, saw its profit soar to $21.1 million (8 cents per share) for the quarter ended March 31. That was almost 12 times more than its $1.76 million (1 cent) net income from a year ago.
Excluding one-time charges, EBay earned $30.6 million (11 cents), up from $4.4 million (2 cents) a year ago. That beat analysts' predictions of 8 cents per share, excluding charges, according to First Call/Thomson Financial.
By yingyangdingdong on Friday, April 20, 2001 - 05:34 pm:
SGI to cut 15 percent of work force
Friday, April 20, 2001
Breaking News Sections
(04-20) 10:37 PDT MOUNTAIN VIEW, Calif. (AP) -- Silicon Graphics Inc., a maker of high-performance computers, will cut 1,000 jobs, or 15 percent of its work force, after it posted wider-than-expected third-quarter losses.
For the three months ended March 31, SGI's net loss was $141 million, or 74 cents per diluted share, compared with a net loss of $18.1 million, or 10 cents a share, in the same period a year ago, the company said Friday. Third-quarter revenue was $509 million, down nearly 10 percent from the $563 million from a year ago.
``While it's difficult to predict the scope and duration of this economic uncertainty, we believe it is prudent to take appropriate action,'' said Bob Bishop, SGI's chief executive. ``Consequently, we are committing to an operating model that will enable us to break-even at the current revenue level as we enter the next fiscal year.''
The job cuts affecting full-time and temporary employees will take place before the end of June. Bishop said the company expects to realize a 20 percent savings after a one-time charge of up to $80 million in the fourth quarter.
Shares of SGI were down more than 26 percent, to $2.95, in afternoon trading on the New York Stock Exchange.
SGI's high-end graphics workstations are used in a wide range of businesses, from designing new cars and drugs to creating special effects in movies.
On the Net:
By Anonymous on Friday, April 27, 2001 - 06:05 pm:
Friday April 27 4:53 PM ET
Stocks Rally on Strong Economic Data
By Haitham Haddadin
NEW YORK (Reuters) - Stocks rose on Friday after new data showing the U.S. economy expanded more than expected in the first quarter fueled investor hopes that weak corporate profits may rebound later this year.
``The GDP (news - web sites) numbers were read as a clear indication that we are not in a recession,'' said Bill Cheney, the chief economist of fund manager John Hancock Financial Services.
Gross Domestic Product (GDP), the broadest measure of economic activity, grew in the first quarter at a stronger-than-forecast 2 percent annual rate, boosted by upbeat consumer spending, the Commerce Department (news - web sites) said. This meant the world's largest economy has snagged its 10th straight year of growth.
Go Go Go... It's the Bull Charging.. STUPID!!!
By yingyangdingdong on Monday, May 7, 2001 - 12:20 pm:
Some people blame G.W and the current Whitehouse's policy for the economy.
FTC's unfavorable ruling against Microsoft Corporation last YEAR in the April, 2000, Microsoft stocks went down the tubes that very same exact following DAY .......
this of course, that also trigger the other waterfall effects.. all the dot.com took in tons of money and spent them faster than they made (some of them made zil-nada-$0) they also sucked their coffers dried..
so we would at that time also saw that the dot.com crashes started around mid year of 2000
"IT's The ECONOMY' STUPID' and it was in JUNE 2000 during MR. PRESIDENT Billilly Clinton and our MR. VC GORE, that all these LAYOFFS STARTED ... economy did not go down the tubes in 100 days DUH!
By yingyangdingdong on Monday, May 7, 2001 - 12:22 pm:
as mentioned before in the other message...
Judge rules Microsoft violated antitrust laws
By Joe Wilcox
Staff Writer, CNET News.com
April 3, 2000, 5:30 p.m. PT
Microsoft shares plunged $15.38 to $90.88 before the release of the ruling, erasing about $70 billion from the company's market value. In after-hours trading, the shares climbed to nearly $93. <=======
Jackson was expected to be hard on Microsoft, and in many respects he exceeded ...
APRIL 2000 was the beginning of the massive economy downturn ...slided... downhill ...
May 4, 2001 Microsoft share was $70.75 <===
In January, 2001 it was an all time low at $40.32
dot.com failures happended last year and it stemmed from dot.com excessses and the rose-colored glasses econemy models fueled by the whitehouse bed and breakfast & parties era.
last year over $1.7 trillion of net worth valuation lost in all of these dot.com companies that failed plus stocks de-valuation of all the high tech companies. now why would they not lay people off if they will have to make profit and make money to satify the WALL Street investors and even ordinary stock holders who demanded a solid earning performance each quarter?
here's feb 2000 stories about dot.com ads:
Sites spend billions on ads, but will they get their money back?
By Dawn Kawamoto
Staff Writer, CNET News.com
February 21, 2000, 4:00 a.m. PT <=====
special report In case you hadn't noticed, dot-com mania has taken over the airwaves.
.... But with so many Internet companies operating in the red, how long can they keep pouring money into these campaigns? The issue has become even more difficult recently as investors have begun to demand bottom-line evidence that they should keep buying stock in businesses that have yet to show a profit. <================
"They can't keep spending and spending without money coming back, because they'll lose money forever," said Alan Mak, an analyst with Argus Research. In addition to e-tailers, more than a dozen other dot-com companies ran Super Bowl commercials in January, compared with just three last year.
By yingyangdingdong on Monday, May 7, 2001 - 12:39 pm:
210 Dot-coms Closed in 2000, E-commerce Hardest Hit
By Ryan Naraine
In a year when $87 billion was spent on mergers and acquisitions in the dot-com industry, some 210 Internet companies were forced to shutter operations in 2000, including 20 in New York.
Webmergers.com, a San Francisco-based firm which acts as a marketplace for Internet M&A activity, issued a special report this week which showed that 10 percent of all dot-com shutdowns in 2000 were from companies with headquarters in New York.
California led the way with 66 closures, followed by Massachusetts and New York with 20 each. Washington recorded 10 shutdowns while Texas had nine, the report said.
Among the New York-based casualties in 2000 were Pseudo Programs Inc, Urban Box Office Network, iTurf.com, OneBigTable.com, Foodline.com, AngryMan.com and BabyGear.com.
The study found that shutdowns accelerated in the fourth quarter of 2000 as the funding market for Web-related companies dried up. Nearly 60 percent of the year's casualties, 121 in total) took place in the fourth quarter, Webmergers said.
In December alone, the study found that 40 Web plays closed their doors, against 46 for all of November. "December's shutdowns had received at least $1.5 billion in investment by venture capitalists and other private and public investors," the study said.
"About 75 percent (157 total) of the failed Internet companies last year addressed primarily a consumer audience. Another 21 percent focused on business audiences while the remaining handful served a general audience of both businesses and consumers," it added.
Webmergers.com found that e-commerce players accounted for 109 shutdowns, or just over half of the total. Content-oriented plays made up another 30 percent of the total while infrastructure and online services companies such as ISPs accounted for the remainder.
"Between 12,000 and 15,000 employees lost their jobs as a result of the company closures," the report said.
Webmergers.com president Tim Miller told atNewYork the research covered only substantial Internet companies that have shut down or filed for bankruptcy protection from creditors last year. He said Webmerger compiled data from more than 50 public and private news and information sources.
As the turmoil in the new economy dragged on in the latter half of 2001, the Webmergers study found that the number of mergers remained high as cash-strapped start-ups looked for marriage partners to avoid shutdowns.
The study found that spending on merger activity increased nearly 85 percent from 1999's total of $48 billion, reaching $87 billion in 2000. The number of deals in 2000 peaked at 910.
Excluding the AOL-Time Warner merger (Webmergers said the mega-deal would have obscured its year-to-year trend), the researchers found that while the number of deals held strong throughout the year, total spending declined dramatically after the Internet market shakeout began in the first quarter.
"The robust first quarter saw nearly $52 billion in M&A expenditures and accounted for 60 percent of the year's total. Spending declined by about 50 percent in each successive quarter with the fourth quarter's $5 billion in activity accounting for only six percent of the year's total," it added.
It said the dramatic quarter-by-quarter decline in total spending was due in large part to the severe erosion in valuations of Internet companies that continued throughout 2000.
"Declining valuations were a two-edged sword this year because they also put a damper on acquisitions by large players such as WebMD, which had used their richly valued stock to dominate M&A activity in 1999 and in Q1 of 2000," the study added.
* Ryan Naraine is a senior editor of atNewYork.com.
January 4, 2001
By yingyangdingdong on Monday, May 7, 2001 - 01:25 pm:
call it the theory of relativity. Relatively speaking, it takes over 6 months to a year.
for the economic downturn to trigger down.
af of today, at least 369 substantial dot coms have shut down since January 2000
November-December 2000 retail sales was a big giant disappointment, coupled with the countless horror stories of online businesses unable to deliver on orders.
Retailers depends on xmas shopping season for their sustainability.
asia still suffering from the days of its currency-led crisis, With Japan's fragile economy again on the brink of recession.
economic recovery appears to be a case of now you see it, now you don't.
The underlying strength of the rebound is still in doubt.
this has an impact of our export to asian countries.
consumer confidence is low because people lost their jobs and diminishing values of their stock portfolios,their retirment accounts. Some mutual funds lost over average of 60%-70% of market values within this last YEAR.
how do you expect people to spend? our economy depends on consumer spending.
example funds that lost values over one year:
By yingyangdingdong on Monday, May 7, 2001 - 08:28 pm:
Dot-Com Layoffs and Shutdowns
A comprehensive list of job cuts and closures among Web-related companies, with links to relevant articles.
when you see, june, july, august, september, october, november, december .. they are for year 2000 (when clinton, gore are still in the whitehouse)
and when you see jan 2001, feb 2001, mar 2001 .. well yes, it was this year, but they probably planned those layoffs a few months before that, so it was triggered down from last year !
this is just to illustrate that high tech industry and many other companies are affected by
this .. the list are to numerous to list, pc computers and server equipments, telephones and communications, real estates, office furniture stores, restaurants, home sales, car sales, recreations, durable goods.. etc.
sadly, enjoy the list!
By yingyangdingdong on Sunday, May 20, 2001 - 03:35 pm:
CNN Tonight. 10pm ET 7pm PT yingyangdingdong
(35/M/McIndoe_Falls) 5/20/01 3:31 pm
CNN - 10pm ET - May 20 Downsizing.com
In a follow-up to a 1999 award-winning CNN documentary that captured a moment in Silicon Valley when hope and optimism abounded, CNN revisits the Valley to see how our Internet entrepreneurs are faring after the bubble has burst..........
PS: some good news:
CNN - May 17, 2001: 2:26 p.m. ET
Leading indicators rise. Economy shows strength; jobless claims unexpectedly continue retreat...
CNN - May 20, 2001: 7:00 a.m. ET
NEW YORK (CNNfn) - It's been a pleasant spring on Wall Street. From its low in late March, the Dow Jones industrial average is up 21 percent as of Friday's close. Tech stocks have fared even better. The Nasdaq has gained 34 percent from early April's trough.
But is this two-month surge sustainable, or another head fake in a bear market? After all, the Nasdaq is still off 56 percent from last year's high, while the Dow industrials are down nearly 4 percent from their peak.
By CNN Staff Writer Jake Ulick ......
why do i post these messages? these are issues related to baby boomers' retirements and lifestyles.
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