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Monday, September 15, 2008
Whirlpool To Lay Off About 700 Workers In Fort Smith, Ark.
Wallace Witkowski
MarketWatch Pulse
SAN FRANCISCO -- Whirlpool Corp. said Monday it will lay off about 700 workers at its Fort Smith, Ark. plant. Whirlpool said the lay offs will begin in November, and that there is no timetable "for when employees may be called back to the facility."
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
