Nov 28, 2008

Motorola The Falling Star

In the past I have had minimal dealings with the Motorola organization and each time their arrogance left me with a desire to find someone else to work with. I only grieve for the workers being jettisoned from this sinking ship.

From “Gartner's market analysis for mobile handset makers, released today, now rates Motorola (NYSE: MOT) in fourth place behind Nokia, Samsung and Sony Ericsson in global sales.”
Motorola Slips in Worldwide Sales

From the “Motorola reported a net loss of $397 million, or 18 cents a share, in the third quarter, down from a net profit of $60 million, or 3 cents a share, in the same period last year.”
Motorola posts hefty 3Q loss, delays spinoff

From USA Today: ”The maker of communications gear said it would get rid of 3,000 jobs by April, with about 2,000 of them coming from the cellphone unit. The company last announced 2,600 job cuts in April.”
Motorola posts big loss, plans to cut 3,000 jobs

From “The iconic American technology company Motorola is in big trouble. But can a last ditch effort by a new top executive help the company pull one of the biggest comebacks in American business history?”
Motorola's struggle for survival

From BusinessWeek: “The company's falling star at AT&T, the largest U.S. mobile-phone carrier, underscores Motorola's persistent failure to release handsets that grab the attention of consumers and the service providers whose marketing is crucial to sales.”
Motorola's Market Share Mess

From “It will eliminate about 120 of the 600 positions in Motorola Labs, the unit responsible for basic research in everything from cellphones to radio technology,…”
Moto to cut jobs from R&D unit

thin gray line articles

Nov 27, 2008

Citi Is A Town Full Of Problems

Their exposure doesn't stop with sub-prime, with hundreds of billions in off-the-books liability, they still have hard times in front of them. Substantial problems in commercial paper, credit cards and autos are still to come, where do they go from here?

From an AP article on “The government has decided that guaranteeing hundreds of billions of dollars in possible losses and injecting $20 billion more into Citi trumps the alternative: a panic that could leave retirement accounts and investment portfolios of millions of ordinary Americans in tatters and shove more people out of jobs.”
Analysis: Why Citi had to be rescued

View from the Radcliff India: “There's only one reason to agree to such terms, says Ellison: to stay alive."There are capitalists all over the place, but no one wanted to do the deal," he adds. "This is chemo. They need this capital to stay alive."”
If Citi's in such a mess, what about other banks?

From the WSJ online: “The Bush administration's rescue of
Citigroup Inc. is creating new confusion about the government strategy to shore up volatile markets.”
Uncertainty on Strategy in Citi Rescue

From the Arab News: “Citibank went into overseas markets long before its competitors and often secured an inside track by attending to the financial needs of government elites and leading local organizations.”
Editorial: Implications of Citibank bailout

From an AP article in the Columbus Dispatch: “Citigroup Inc. said yesterday that it will slash 53,000 more jobs in the coming months… Earlier this year, the New York-based financial giant trimmed 22,000 jobs.”
Citigroup shedding 53,000 positions

Citibank is cutting another 53,000 from its payroll, on top of the 22,000 job cuts it has already announced. This follows at least 17,000 last year.

Previous Citibank articles

Nov 7, 2008

The Insult Is Complete At LandAmerica

In August of 2007 I wrote an article, LandAmerica Leaves Much To Be Admired, little did I know that my LandAmerica article would have such a lasting quality. There may be only 11 comments but the consistency tells a condemning story of a company whose management can guide the ship during calm seas but are clueless as soon as the seas get rough.

It looks as if the final insult to the good people at LandAmerica will come from the $150 million in synergies Fidelity National will achieve
(from their Press Release) by this merger. To me it doesn’t look like a merger, it looks as if Fidelity is buying their accounts & agents and will be laying off the majority of LandAmerica’s staff that still remains after a year of endless layoffs.

As much as I dislike giving attorneys money, it would seem prudent for the LandAmerica employees to secure legal consul to ensure that they receive any and all compensation promised. At this point of the merger any legal action would have to be dealt with expeditiously. If anyone has retained consul, please post their consuls contact information on the comment section below so others may join as a group.

Good Luck and Best Wishes to all of LandAmerica’s staff.