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Coke To Fire 1800, Caterpillar Laying Off 200
Stocks are up nearly 2% today alone, with the S&P back to green for 2015. Among the reasons for today's rally: lower overhead courtesy of KO and CAT, which announced that between the two of them, they would fire some 2,000 workers, which is great news for stocks if not for actual employees as there will be even more dry powder for another record quarter of stock buybacks.
First Coke, via the WSJ:
Coca-Cola Co. said Thursday it will eliminate at least 1,600 to 1,800 jobs globally as part of its earlier announced $3 billion cost-cutting drive.
The Atlanta-based beverage giant said it began notifying some of the affected employees Thursday and that the cuts will be carried out over the coming months.
“We have committed that we will ensure fair, equitable and compassionate treatment of our people throughout the process,’’ it added in a written statement.
Coke said it is still completing changes in some of its businesses, but that ”at this time’’ it has identified 1,600 to 1,800 affected positions. That raises the possibility of additional job cuts at a later date.
Peoria-based Caterpillar said Wednesday it is laying off 200 workers at its Decatur and East Peoria facilities beginning Jan. 19.
"Products built in these locations are used in the mining industry, which continues to witness weak market conditions," the company said in a statement.
The company has already laid off hundreds of workers at factories where mining equipment is produced. Caterpillar has said a decline in commodity prices has led mining companies to halt expansions and the building of new mines, leading to reduced demand for equipment.
"While some cost reduction measures have already been implemented, including temporary shutdowns and reductions in the flexible workforce, more permanent measures must be taken in the near term," the statement read
As a visual reminder, here's Caterpillar:
And its growth strategy:
And with companies continuing to layoff workers - because if you are firing you aren't hiring - it means the BLS' January seasonal adjustments to goalseek the NFP number above 200K for the 12th month in a row will be a sight to behold.
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Happy days are here again!
everybody sing it with me!
Yes happy days for sure.
Dominos Pizza is hiring 1,000 across New England
Yipeeeeeee
No worries. The economy is doing really great they willl find another job. Look the market just went up again!
all the wonderfull results of QE
slowly the economy will adapt to the only source of income available- snap cards. walmart and friends are the only institutions that will thrive. jobs that produce any sort of livable wage will cease to exist. little by little QE eats away at what took over 200 years to build. everyone will have any sort of tangible wealth confiscated or sold off just to pay down debt. death from a thousand central bank interventions
is this green shoots or mustard seeds i cant remember must ask windbag kudlow.
Hip Hip Hoooraaaaaay for the recovery!!!
What do you mean? Stocks are up BECAUSE of the layoffs.
We just entrepreneured some folks....
And then we have SCB that came out swinging even before CAT and Coke this morning as the first off the New Year races and will fire well over 4,000 people globally from Singapore to UAE to Malaysia....
Standard Chartered to axe 4,000 retail bank jobs - memo http://in.reuters.com/article/2015/01/08/stanchart-redundancies-retail-idINL3N0UN1CF20150108It's a very Robust ... layoff.
http://www.huffingtonpost.com/2015/01/08/jc-penney-closing-stores-2015_n...
i always loved the term shit canned.
List of recent JAN 1- Jan 22) over 60,000 layoffs so far this month, (only counted the larger numbers) During the month of Dec there were over 30,000 layoffs only counting the large ones.
Daily Job Cuts - Layoff News , Job Layoffs 2014 / 2013 , Bankruptcy, Store closings, Business Economy News
Oil
Shell Fort Mac Operations ( International ) - up to 300
Suncor Energy Inc ( International ) - 1,000
Schlumberger Ltd Oilfield Services Provider - 9,000
Baker Hughes Inc - Expects 7,000 Layoffs
Halliburton - Expect Layoffs
Update: Ensign Energy Services Inc - 700
Chart Energy & Chemicals Wis. - 55 Temp Layoffs?
Steel US Steel East Chicago Tin Plant - 369
Update: US Steel - Idling 2 Plants / 756 Workers
US Steel Tubular Oper. - up to 614 Layoffs Poss.
Mineral Park Copper Mine AZ - 350 Layoff Notices
Other
Bombardier - 1,000 : 620 in Witchia, 380 in Mexico
Bombardier Thunder Bay Plant - 40
Caterpillar Inc. in Peoria and Decatur - 200
Update: Coca Cola - 1,600 to 1,800 Globally
eBay - up to 2,400
United Airlines - 2,000 Layoffs Possible?
American Express - 4,000+ this year
Standard Chartered ( International ) - 4,000
Frontier Airlines - 1,300 Outsourced to Contractors
Update: Altisource Portfolio Solutions - 800+ ?
Store closures;
Sony to close all 14 Retail Canadian stores ( International )
Target to Exit Canadian Market ( International ) - 133 Stores and 17,600 Employees 56,Million for (all) employee severance, 61 Million for the CEO
Update: Body Central Closing all of its 265 Stores - 2,500 Jobs Lost
JC. Penney to Close 40 Stores in 2015
Wet Seal Closing 338 Stores - About 3,700 Layoffs
Update: Tops Friendly Market Closing total of 27 Pharmacies
Update: Deb Retail Shops Closing ~ 287Stores
Macy's Closing 14 Stores
After they run out of employment benefits they can go do farm work. Here's a story about how to find organic farms to work on:
http://naturecoastpermaculture.com/2014/12/unemployed-try-wwoofing-work/
Grower John, thanks for that link, awesome! Looking forward to reading up on them when I get home from my soul destroying work.
http://www.wwoof.net/
While I see your point & good link, poor people farm. Poor countries have systems like “Uber”. Poor people live in shipping containers converted into houses – all the rage here in Detroit right now.
Yea, the "sharing" economy = "I'm poor as dirt and could use a little help, eh buddy???"
My son worked for a few farms in HI and loved it. You can do research on what they require but usually it is a 30hr week with room and food paid for, although "food" might be limited depending on the farm.
I have told my daughter that she will need to pursue bifurcated careers based on what in essence is an unwinding of the 20th century, namely she may try for a "career" in engineering, medicine, science or some useful endeavor, or even trying to start her own business, but just in case, she had better keep one eye on a home farm and self sufficiency in case none of the above pan out.
In other words, if you don't have a job, then it's back to the farm... a reversal of the last 100 year trend.
It's called the New Feudal World Order. Good jobs will be to support the Lords like you say... medical, techinical (especially construction and maintenace), high end manufacturing, etc. The next tier will be govt employees... mostly to keep the Serfs in line... this means beaurocrats and military/police. Last is the serfs. The lowest menial manual labor to do the basics... cooking, cleaning, growing and processing food, etc. If you are not prepared to be in one of these groups, you better be planning to be as isolated, protected, and self sufficient as possible.
"In other words, if you don't have a job, then it's back to the farm... a reversal of the last 100 year trend."
Ahh The 21 Century where the Chinese come from the farm to the Factory and the N American Leaves the Factory and goes to the Farm.
I have been pondering for 40 years why the Asian people work for so little money/day meanwhile the N American gets paid many times more for doing the same job.
I have also been realizing that one day this will equalize, it seems to happening at a faster pace than ever before.
Before this is over there will be some very cheap RE if anyone other than the oligarcs have any money left to purchase with is another story, or maybe the houses will become derelict and be bull dozed over as in Detriot and other forgotten manufacturing cities in the US.
Obama is wrecking what's left of the economy to leave a bigger pile of shit for the Repubs to deal with in two years.
Again. Hitlery will not run cause she doesn't want to deal with a bigger pile of shit than her husband!
Hitlery will run. WE ARE READY FOR HITLERY!
Hitlery4
I'm ready for Hitlery. Just bought another 1000 rounds of 7.62x39 ammo.
I never understand this line of reasoning. 7.62 against MLRS, Spectre gunships and Elite units is silly.
Just such a strategy worked in Afghanistan for a bunch of peasant farmers....twice in the last 100 years.
Violence however, will solve nothing.
Can't blame POTUS for you not buying and drinking your fair share of Coca Cola product.
Buying off road mining equipment however...................
I don't think any sane person will want the job at the rate things are going. That is, if there is a job left. Two years is a long time and there are many things going in the wrong direction at once, interesting times.
I'm not convinced that we'll have elections in 2016, and if we do, there's a good chance that they'll be even less meaningful than the elections in 2012.
Boehner and his crew are going to impeach Obama, no, really. They’ll repeal Obamacare too! And send the illegals back… Boehner is going to get R V W overturned too….
Panacea.
Been into Wall Streets drug stash have we?
No need for that. Weed is going mainstream. Got to have something to keep the masses entertained. Can't count on just the Kardashians. Bread & Circuses has been expanded, just like it was before the Poppy Wars. History may not repeat, but it does ryhme.
Goodman Mfg. is "repurposing" 2000 jobs out of Tennessee
http://www.timesfreepress.com/news/business/aroundregion/story/2015/jan/...
"In 20 years, we'll have an economy based on people delivering pizzas to one another."
- PJ O'Rourke wrote that, I'm guessing, around 15-20 years ago, forget which book.
yum! what could be better?!
Arby's hiring shift leaders now!
The workers will be fine if they listened to Yellin and have assets to make them rich. If they have money in the markets they we be twice as good!
Peak Zimbabwe not so far away anymore.
Catholic League's Donohue: cartoonists got what was coming to them!
http://tinyurl.com/lkjqgt3
Perhaps Charlie Hebdo should have made an illustration of a priest abusing a little boy...
Even better, Charlie Hebdo should have revealed the extent of homosexuality within the Catholic priesthood and why that little inconvenient truth is somehow kept out of the public eye for sake of political-correctness, buggering little boys notwithstanding...
Liberated. Finally...
In the centrally planned utopia being force upon the world (to the benefit of the oiligarchs) things like "employment" are a zero-sum game.
hedge accordingly.
ZH. You almost sound like a liberal. Try to learn the difference of when a worker is fired, or laid off.
In the new normal fired and laid off are the same thing. These people aren't coming back.
Just think of all the soda pop you could put in that dump truck!
Heck, even beer! Put some spigots on the side...
Maybe Coke is firing people because their flagship product is a crap product totally void of nutritional value and more and more consumers are finally figuring that out.
Correct. Laid off is a much more polite word to use when you're firing somebody.
Is there a polite word for charging $10 for an O-ring?...fuckin stupid Cat.
Maybe bargain?
(Only half sarc. Do you know how many central fuel injection units are replaced because a $2 rubber membrane inside formed a crack?)
Union wages and benefits don't come cheap.
we laid off the suspect until he gave us a written confession.
the soldier steped on a lay-off and suffered a fatal injury.
the end result of the head-on traffic collision were two lay-offs
i laid her off so hard i pulled out and lay-off'd all over her face
orwell would be proud
Orwell was an optimist......
Polite wording? It's becoming an art form:
Yeah baby, "some folks" got "riffed".
We need to build moar empty cities or tear down some old ones to build some news shinning cities on the hill. Sorry I got carried away going into Krugman mode.
Doc
We've got crews in Ferguson, Detroit, Camden NJ, ect ect working on that tearing down thing as we type. No worries.
With mostly minority labor.
Carry on.
Spring is riot season the world over.....
2000 more government dependent folks.
At least jobs day will be interesting each month. They'll have to find new ways to make the magic numbers.
Very clever WTFRLY but I will DESTROY YOU!!!
Coke is a monument for the stupidity of people worldwide.
The other upside is the lowering production of carcinogens (high fructose corn syrup(now Fructose, nice name change) and aspartame).
I stopped drinking Coke. I just drink the rum now.
And Jack.
But gas is so cheap you'd think a few people would buy one of those BIG trucks.
Greatest recovery evvaaaaaa!
Good luck finding work. In the good old days, you could always get a job in retail until you found a job closer to your line of work. Not anymore. Retail is contracting big time and is no longer a job safety net.
What you need is a degree in feminist studies to guarantee that part-time minimum wage job....
The Cat figure does not include the 40+ "temporary" contractors they also terminated immediately. This is a bad sign all around. From where I sit, contractors usually run, or help run, capex projects.
Peoria is a shithole these days.
These days?
this sounds like fun
Holy crap, just think of the one time charges and restructuring charges Coke will have on their next statement.
So bullish I can't express it in words.
Coke fizzles out...
Caterpillar on wrong track...
Just another industry joining the global deflationary spiral...
http://www.globaldeflationnews.com/european-union-continues-to-suffer-fr...
http://www.globaldeflationnews.com/abenomics-failing-to-liberate-japan-f...
http://www.globaldeflationnews.com/shale-oil-companies-on-the-ropes-firs...
http://www.globaldeflationnews.com/just-give-us-the-crude-say-venezuelas...
The evil Coke brothers have gone too far this time!
You mean Diet and Cherry?
Touche Mon Amie.
Coca Cola Vs Coca cola Zero, a sugar test
https://www.youtube.com/watch?v=OBzvN9FLx4Q
What does it matter?
The BLS job reports will continue to dazzle
"if you are firing you aren't hiring"
Not really true. Many who fire here in the USA are hiring in Chindia.
I don't know. The "I'd like to get you on a slow boat to Chindia" doesn't have quite the same ring to it. Call me old-fashioned. Better yet, fix me one.
Once again, every cloud has a silver lining!
These folks have gained more freedom for family togetherness while out shopping.
EBT's for all!
So we will have 2,000 more entrepenurial day traders soon joining the ranks. Welcome to the club!
2,000 more Herbalife entrepenuers maybe. Bullish!
2k jobs cut.... drop in the bucket.
I wonder if this recovery is not due to the increase of tax revenue from alcohol sales. With the world being so "happy" these says I'm sure a few more toasts have been in order.
Don't forget Pot.
The Colorado Recovery
With cheap Coke, hooker pricing should decline.
we used to call it....persuing other employment opportunities
The new normal ca. 2025
Labor participation rate is 10%
Unemployment rate -3%
S&P 20,000
DJIA 1,000,000
VIX -150
Machines are in contol 100% of the time. All stats and market participation are automated. The news is produced with algos that establish mind control.
Don't leave your house without bullet proof body armour and a couple hand guns and blades.
I know steel companies are shuttering plant production. Tube steel. Like the stuff you use to frack a well
if it weren't for coke, there'd be way more layoffs on Wall Street.
So...less gold mining means less supply and, thus, higher gold prices, right?
/sarc
Bad news is good news is back... Or did it ever leave ? I am not sure anymore.. Seems like volatility has moved into the good news to bad news relationship. Nothing is certain anymore. Maybe the ability to determine what is going on has been infladed away.
"Layoffs" sounds so , so ...well, dismal. Lets rather call it, "Downsizing" shall we?
Downsizing is a depressing word, not in the same meme as a recovery economy ! The Oblama Admin requests that you call it RIGHTSIZING !!
Coke USSA or Columbia?
Functionally,"stock buybacks" are a form of ponzi scheme.
The banksters need to repay us.
Unless the White House bombs the fuck out of a new rogue threat, no need to keep the serfs on the books. Sad, but true.
The DOW is up higher than the number of CAT layoffs, indicating net AWESOME
This is your recovery.
This has to be bullish. Dow's up almost 300.
You're FIRED has become "We're giving you an opportunity for career reconsideration and we will not charge you for this service!"....
.
So...youre saying 7% GDP next quarter?
"Products built in these locations are used in the mining industry, which continues to witness weak market conditions," the company said in a statement."
Iron Ore prices are down 50%. This impacts our local, high cost Iron Pellet producers, and the mines. Plus one large new Iron mine was to open in Wisconsin and three large copper nickle mines are under preliminary construction here in NE Minnesota. I fear all these new projects are toast. Imagine a new, underground high cost copper mine, in this market? The new mines seem doomed, the capital for them will dry up for sure! As for existing mines, and railroads, I have heard of NO layoffs yet. But I expect summer will see mass layoffs.
I'm still pissed at Coke for their Olympics commerical signing America The Beautiful in multiple languages and cultures. Hope they go out out business.
On another note, you know things are bad when you see what appear to be retired professionals handing you your burrito at Taco Bell. Where are all these working-age people going to go? Thanks Bama.
Coke can use CGI polar bears to advertise their products, so why not use CGI workers to bottle and distribute their products? After all, it's not like Coke has to do a lot of work in their research/development/testing labs!
It's the old -- we will cut thousands of jobs so that our profits are higher -- and pray that the OTHER guys don't cut anyone so that there will be someone out there left to afford to buy OUR product.
Board of directors meeting:
CEO: Good news, we fired all of our employees, our stock is up, Bonuses all round.
All: Horaaaaah!
CEO: Bad news, Someone else fired all our customers, we're screwed!
Coke could lay off ALL its workers, which would be a real service to the health of the American masses.
These two companies are also on the Boycott list for supporting Israel
im surprised these companies haven't started their own prop trading desks like the big oil companies do.
good way around the dodd-frank thing..