| The KUIK Morning Market Report for Wednesday, July 8: | |||||||
| Markets are down. | |||||||
| Index | Direction | Change | Units | Time | Change | ||
| Dow | Down | (180) | points | 17,597 | 6:58 AM | ||
| S&P500 | Down | -0.9% | percent | 2,063 | (18.39) | ||
| Nasdaq Composite | Down | -1.0% | percent | 4,947 | (50.78) | ||
| 30 Year Treasury | Up | 1 | Basis Points | 3.02 | 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. | |||||||
| The crisis in Greece and the drop in China’s stock market need to be watched carefully but neither represent an immediate threat to the U.S. economy, according to Treasury Secretary Jacob Lew. In an appearance at the Brookings Institute, Lew said he was convinced that Greece and its creditors could reach a deal but said it would be tough to achieve politically. Lew said that China’s stock market was still separated from world markets and the biggest worry for the U.S. was if the turmoil caused the country’s leaders to “slam the brakes” on needed economic reform. | |||||||
| 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/economy-politics?link=MW_Nav_EP | |||||||
| For today’s Morning Market Report click to listen-> | |||||||