| The KUIK Market Update for Wednesday, July 8: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (135) | points | 17,642 | 7:59 AM | ||
| S&P500 | Down | -0.8% | percent | 2,064 | (17.18) | ||
| Nasdaq Composite | Down | -0.9% | percent | 4,954 | (43.92) | ||
| 30 Year Treasury | Unchanged | – | Basis Points | 3.01 | Annual Yield | ||
| Microsoft will cut 7,800 jobs as it restructures its phone business and tries to expand use of Windows. The company said the prospects for the phone hardware segment are “below original expectations.” It will record an impairment charge of roughly $7.6 billion related to assets associated with its acquisition of Nokia Devices and Services, and an overall restructuring charge of $750 million to $850 million related to the layoffs. Microsoft expects to complete the layoffs and restructuring by the end of 2015. | |||||||
| Greece has requested a three-year bailout program from the eurozone’s rescue fund, the European Stability Mechanism, according to a The Wall Street Journal. The country’s previous requests had been for two years. The document also showed that Greece promises to implement tax reforms and pension changes as early as next week. Early today, Greek Prime Minister Alexis Tsipras told the European Parliament his government would present a detailed list of reform proposals in coming days in a bid to unlock further bailout aid and that his country is on the “verge of bankruptcy.” | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/microsoft-to-cut-7800-jobs-as-it-winds-down-phone-business-2015-07-08 | |||||||
| http://www.marketwatch.com/story/greece-asks-for-three-year-bailout-program-wsj-2015-07-08 | |||||||
| For today’s Market Update Report click to listen-> | |||||||