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Thu 9 Dec, 2004 07:30 am
Wal Mart spokesman states "We are excited and pleased to be providing 7.00 an hour jobs to these former Progress Energy employees. Unfortunately we won't be able to work them more than 30 hours a week, otherwise we might have to provide them a benefits package. We are however proud to help them "Keep The Pride" and be part of an ownership society. In a related announcement Wal Mart intends to open a short sell division buying homes of these new employees and guaranteeing them enough profit to purchase a pre manufactured home in beautiful new "Keep The Pride" mobile home communities across the nation>"
http://www.newsobserver.com/business/story/1913849p-8258389c.html
Quotes from the linked article.
" In the first nine months of 2004, Progress Energy had net income of $565 million on revenue of $7.4 billion. But the company has been under pressure from Wall Street to reduce the debt lingering from its 2000 acquisition of a Florida utility and to sell off some assets".
"Its stock, which has fallen nearly 4 percent this year, closed at $43.55 Wednesday, down 3 cents."
"Having fewer workers would mean salaries and company pension contributions would decline, along with a host of other expenses."
"Utility analysts were pleased by the cost reductions but said their overall effect would depend on how many jobs were actually cut."
What impress me about this article is that "Wall Street" seems very energetic in making certain its income is not cut, and that it's future income will be assured
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