Home / Markets / Industries / Industrials
Wednesday, September 17, 2008
Federal-Mogul To Cut 4,000 Jobs, Or About 8% Of Workforce
John Ittner
MarketWatch Pulse
NEW YORK -- Federal-Mogul Corp. said Wednesday that it planned to cut about 4,000 jobs, about 8% of its workforce, in response to challenging conditions in the automotive market. The Southfield, Mich.-based auto-parts maker said the job cuts would cost about $60 million to $80 million and would last through 2009. It did not specify which sites would be affected. "The efficiencies gained as a result of these initiatives will strengthen Federal-Mogul's competitive position and help assure the company's future as we continue to implement our sustainable global profitable growth strategy," said Chief Executive Jose Maria Alapont.
Copyright © 2008 MarketWatch, Inc.
Fox Business Video
-
-
AIG Bonus Approval
-
Jul 11, 2009
AIG Bonuses
-
-
-
Power Rankings: Where are They Now?
-
Jul 11, 2009
07/10/09
-
-
-
Macrellus Willey: Life After F...
-
Jul 11, 2009
Wiley on Networking Site
-
-
-
When a Dome Becomes a Home
-
Jul 10, 2009
Kubley on Dome Homes
-
-
-
Helping Small Business
-
Jul 10, 2009
Yancey on Volunteer Work
-
FOX Translator
No data currently available.
No data currently available.
A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
