| The KUIK Morning Market Report for Thursday, July 17: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (12) | points | 17,126 | 6:55 AM | ||
| S&P500 | Down | -0.1% | percent | 1,979 | (2.46) | ||
| Nasdaq Composite | Down | -0.1% | percent | 4,422 | (3.96) | ||
| 30 Year Treasury | Down | (4) | Basis Points | 3.31 | Annual Yield | ||
| Microsoft said it plans to eliminate up to 18,000 jobs, or 14% of its work force, over the next year as part of a sweeping plan to streamline its operations following the acquisition of Nokia’s devices and services business. The company said the plan would result in a restructuring charge of between $1.1 and $1.6 billion over the next four quarters. Of the 18,000 planned cuts, about 12,500 will be professional and factory positions eliminated through synergies with the Nokia operations. The company said it expects to substantially complete the plan by the end of 2014, with full completion expected by second quarter 2015. | |||||||
| The Commerce Department reports that housing starts fell 9.3% in June to a seasonally adjusted annual rate of 893,000, with drops for both single-family homes and apartments. Economists expected 1.02 million units in June, slightly up from an originally reported rate of 1 million in May. About 1.7 million starts are needed each year to maintain current stock and meet demand for replacement and second homes. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/microsoft-to-cut-18000-jobs-book-big-charge-2014-07-17 | |||||||
| http://www.marketwatch.com/story/new-home-construction-rate-at-nine-month-low-2014-07-17 | |||||||
| For today’s Morning Market Report click to listen-> | |||||||