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This Is Why Sandisk Is Firing 5% Of Its Workers (In Charts)
Sandisk is down around 5% after-hours after drastically lowering expectations (sees $5.4bn FY Revs vs Prev Est. $6.1bn). As a result, the CEO just announced that SANDISK LOWERING NON-FACTORY HEADCOUNT BY 5% IN Q2. It did not take long to discover why they felt the need to do that as the Sandisk CEO shunned Larry Fink and unveiled an ADDITIONAL $750M IN BUYBACKS THIS YR. So to the 5% of employees about to get laid off - Thank you for your service and thank you more for the wealth you are creating for 'others'.
Of course Sandisk has to cut costs...
How else is it going to keep the pace of reality-suspenfing share buybacks up?
It appears the CEO will need to lay more staff off and raise the buybacks some moar...
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efficient
I'll bet those wascawy tech companies will find reasons for plumbing issues in their EM factories soon.
Immoral
Non-factory workers?
Long small violins.
THe CEOS know that letting people go make the s share price go up.
It was brainwashed into our heads, many years ago.
Better watch out with to many disinfrancised youth. The revolution with result. Powder keg baby, burn baby burn unless old momma and dadda, keep bailing them out.
If we dont, then it will. bitchasses...
IF YOU CAN WIN EITHER WAY, THEN STFU AND PLAY THE GAME, ANYWAY!!!!
Unemployed doesn't = disenfranchised.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
Hey me too man! This is what I do... I sell baseball bats wrapped in directions to your spamming ass. You wouldn't BELIEVE the uptake. Easy money boys. Easy money.
meh. Plenty of openings for apprentice plumbers close to various Wal-Marts.
Are those your boot prints in that concrete?
" They didn't build that!"
Maybe they also have a plumbing problem like Walmart.
By the looks of it everyone has a plumbing problem unless you did the plumbing YOURSELF!
someone please tell me what "MOAR" stands for? Thanks.
More times infinity
Thanks.
It is the "essence" of Fascism, Socialism, Communism, et. al. It means for unelected 'people', who think they know better than you, what you need---and print money to supposedly make that happen.
More2
Fink? His name is Fink?
WTF were they thinking?
SH
Curly Q Link of course.
Um, because they 'can'? And still keep things on track, on schedule, on spec, profitable and bonus-worthy.
Thanks to the incremental gains from Value Engineering (VE) to reduce Costs, and thanks to Global Labor Arbitrage (GLA), the execs still get their bonuses with fewer people.
Ultimately, Global Engineering & Manufacturing (in Developing Countries), ever-increasing Automation, cheap Transportation & Logistics (cheap oil), outsourced or part-time workers (w/o Benefits) in Sales, will combine to reduce the Overhead needs to a skeleton staff of Big Shots and their Wall St Brokers.
Big Gov will just issue Welfare Debit cards, to keep the Proles just enough satisfied, so they won't organize and revolt. The odd ones here and there are OK to revolt, as this only furthers the Agenda of the Deep State for ever increasing Security measures, but they can't be allowed to grow into Critical Mass that might self-organize.
/sarc (with a large grain of truthiness)
Moar EBT, section 8, Obamafones, free community college, free health care, zero down sh*t, etc = No Revolts
Certain segments get very cranky about those things indeed.
Actually it was because of a new science, one that was intimately associated with the Wal Mart:
ASSHOLE: Applied Stakeholders Shitstorm Occuring by Liesure Employees
This is the analysis that looks at all the WalMarts across the country and tabulates the financial effects of the employees that live in cars in their parking lots.
These guys and gals (in effect families) produce of shitload of ....shit and deposit it all in WalMart restrooms which results in stress on the WalMart piping infrastructure in addition to making the stores smell like a alley located by a homeless camp...
WallMart, a good place to leave a load....
Who needs memory? No one seems to remember 2008 or 2001 anymore.
At some point in the near future companies announcing buybacks will imitate central banks, just announcing stock buybacks but won't have the intentions or money to buy any.
Then the proverbial Sh#% will hit the fan. Hedge accordingly.
SNDK needs to open up at $59 tomorrow. I bought $70 puts today when sndk popped to 71.50 for $1.41. They look like at least 100% going into tomorrow but after listening to this CC, this is a total trainwreck and a very good long term short. They lost a major customer rumored to be AAPL.
" It did not take long to discover why they felt the need to do that as the Sandisk CEO shunned [Blackrock's] Larry Fink and unveiled an ADDITIONAL $750M IN BUYBACKS THIS YR."
Anyone that believes there was any real "shunning" going on are going to like my bridge and tunnel deal. I'll throw in a nearby obsolete statue as well.
The banksters need to repay us.
Tyco, Adelphia, WorldCom, Enron ect ect. CEO'S using public companies as if they were private equity groups. 2.2 billion in buy backs equals 10,000 70k per year jobs for 3 years. Then again, when you can enrich the board and yourself at the expense of the company and its workers, and with the FED'S ZIRP begging you to do it what would one expect.
Just imagine how many Enron's and Tyco's are out there without mark to market and all the non GAAP bulshit going on. It would seem the scam just get bigger and easier to pull off with every market crash.
For Every 10 share bought back, an employee loses his/her wings
Bullish
lol, pretty soon the US economy is going to be just shell companies that produce nothing and are publicly listed
"our production costs are detrimental to shareholders, we need to close all factorys to improve EBITA"
mass civil unrest by 2017, stamp it.
Dish agree but not sure it happens that quickly. Revolution will be manifested in a state vs federal narrative. As for these buy backs it's simply the 1%ers making their last grasps at wealth before the collapse into anarchy. Hitlerys experience in fighting situations will come in handy. Now turn on dancing with the stars.
gotta protect those options.
Sandisk/Toshiba flash technology is falling behind Samsung and Intel/Micron, the SSD market is huge and exploding and Sandisk/Toshiba are also-rans there.
If the company is cash-rich with declining business buy backs are a reasonable action even while laying people off.
I thought layoffs meant upward stock prices? Now entering new-new-new-normal?
Laying a person off when things slow down is one thing but firing people is a pretty ballsy move. Do these clowns doing the firing wear body armour to the office? They must really count on the "roid monkeys to serve and protect.