Sprint Nextel Corp. is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion.
The nation's third-largest wireless provider said this morning it will complete the layoffs largely by March 31. About 850 of the reductions are voluntary and the company said it expected a charge of more than $300 million for severance and other costs.
The Overland Park, Kan.-based company is also suspending its 401(k) match for the year, extending a freeze on salary increases and is suspending a tuition reimbursement program.
The company has struggled since acquiring Nextel Communications Inc. in 2005 as technical problems, poor efforts to consolidate the two companies and stiff competition for feature-rich phones has led many subscribers to switch to competing services.
The nation's third-largest wireless provider said this morning it will complete the layoffs largely by March 31. About 850 of the reductions are voluntary and the company said it expected a charge of more than $300 million for severance and other costs.
The Overland Park, Kan.-based company is also suspending its 401(k) match for the year, extending a freeze on salary increases and is suspending a tuition reimbursement program.
The company has struggled since acquiring Nextel Communications Inc. in 2005 as technical problems, poor efforts to consolidate the two companies and stiff competition for feature-rich phones has led many subscribers to switch to competing services.
Home Depot said Monday that it will exit its Expo business and streamline its support functions, resulting in 7,000 job cuts. That is about 2% of the company's workforce.
The company sees a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond.
In addition, Home Depot affirmed its 2008 forecast of a decline of 8% in sales and a 24% drop in earnings per share from continuing operations before today's announcement.
The company sees a total pre-tax charge due to these actions of approximately $532 million, of which approximately $390 million will be recognized in the fourth quarter and the remaining $142 million will be recognized in 2009 and beyond.
In addition, Home Depot affirmed its 2008 forecast of a decline of 8% in sales and a 24% drop in earnings per share from continuing operations before today's announcement.
Heavy equipment maker Caterpillar Inc. says its fourth-quarter earnings tumbled 32%, hurt by higher operating costs and a global economic downturn that curbed demand for its products. It forecast lower sales and profits for 2009.
Caterpillar's fourth-quarter decline to $1.08 per share reflects the slowing world economy as its earth-moving machines and other equipment are used in global industries such as mining and construction. It earned $975 million, or $1.50 per share, in the year-earlier period.
Revenue rose 6% to $12.92 billion.
Analysts estimated Caterpillar would earn $1.31 per share on revenue of $12.84 billion.
Caterpillar has said it plans to lay off workers, slash executive compensation and offer buyouts to 25,000 U.S.-based employees.
Caterpillar's fourth-quarter decline to $1.08 per share reflects the slowing world economy as its earth-moving machines and other equipment are used in global industries such as mining and construction. It earned $975 million, or $1.50 per share, in the year-earlier period.
Revenue rose 6% to $12.92 billion.
Analysts estimated Caterpillar would earn $1.31 per share on revenue of $12.84 billion.
Caterpillar has said it plans to lay off workers, slash executive compensation and offer buyouts to 25,000 U.S.-based employees.
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