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Tuesday, September 30, 2008
Thornburg Mortgage Cutting 29 Home Lending Jobs
Wallace Witkowski
MarketWatch Pulse
SAN FRANCSICO -- Thornburg Mortgage Inc. said Tuesday it was cutting 29 sales and support positions from its home lending division because of the on-going mortgage and credit crisis. Half the positions will be cut from the company's Santa Fe, N.M. headquarters, with the other half coming from offices around the country. Thornburg said it employs just over 150 people at its Santa Fe operations. Shares of Thornburg rose 29.5% to $1.49 in recent trading.
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Most folks judge the health of a business by the revenue that comes in through sales. But not all revenue is equal. Companies can grow their sales by buying other companies, which means you don't get a clear view of how the real sales trends are moving.
So, many analysts, particularly those who look at retail, try to gauge what¿s known as "organic" growth, by looking at same-store sales. These are sales only at outlets open more than a year, so the metric can exclude any sales jump that comes from opening new locations. Retailers release same-store sales (which are frequently called "comps" since they're a true comparison from the previous period) every month.
Retail, incidentally, isn't the only industry to look at same-store sales. Hospital companies, also use the metric, to gauge how existing hospitals are performing compared to ones they just built or acquired.






