Feal free to add to econmy/jobs thread

[IHateMyJob2004]

Some comapnies are very good at hiding hte fact that they are downsizing. I work for General Dynamics, Electric Boat division:

linky

ctric Boat could shrink by 50 percent

GROTON (AP) -- The president of the Electric Boat shipyard has told local political and business leaders the submarine maker could shrink to half its size in the next five years.

John Casey says he's trying to find work that might help to keep the company from shrinking. Casey also says that if the Naval Submarine Base is shut down by the Base Realignment and Closure Commission next year, it would eliminate a significant portion of the submarine repair work that has become the foundation for the Groton shipyard's business.

As for dealing with less business, Casey says job cutbacks should be accomplished through attrition rather than major layoffs the company experienced in the 1990s.

Casey says the long-term prospects could still improve for the company.

Oh, we have about 12,000 employees right now at our site.

 

[glenn1]

That would be kinda pointless trying to keep it quiet considering layoffs are a "material event" for which the SEC requires EDGAR reporting, and that Wall Street tends to reward the stock price of companies that are downsizing.

 

[charrison]

Originally posted by: glenn1
That would be kinda pointless trying to keep it quiet considering layoffs are a "material event" for which the SEC requires EDGAR reporting, and that Wall Street tends to reward the stock price of companies that are downsizing.

NOt the mention they do alot navy sub building, and they are not getting more orders at this point.

 

[dmcowen674]

Originally posted by: IHateMyJob2004

Oh, we have about 12,000 employees right now at our site.

You mean 6,000 and the good news is that with the Bush Regime math that translates to you actually have 24,000 jobs and can expect that number to be 36,000 after the jobs are cut in half.

 

[Kibbo]

Layoffs usually raise stock prices in the medium term. They prevent showing a huge loss in the profit margin at the end of the quarter/year.

Finance isn't my strong suit, so I might be wrong.

 

[LordMagnusKain]

Originally posted by: Kibbo
Layoffs usually raise stock prices in the medium term. They prevent showing a huge loss in the profit margin at the end of the quarter/year.

Finance isn't my strong suit, so I might be wrong.

don't forget the short-term psychological factors as well.

 

[Kibbo]

Yeah, but manager's bonuses are rarely hurt by blips like that AFAIK. If the timing were bad, it would have been easier and more effective to just put off the layoffs until later.

Also, anyone with a large amount of stocks in this company would've known about the layoffs pretty soon. Funds and pension investors have pretty good investigative resources.

 

[IHateMyJob2004]

Originally posted by: glenn1
That would be kinda pointless trying to keep it quiet considering layoffs are a "material event" for which the SEC requires EDGAR reporting, and that Wall Street tends to reward the stock price of companies that are downsizing.

Bad for publicity though.

Key word: through attrition (edited first post as it may not be noticed right away)

It in fact WILL NOT be reported.

 

[IHateMyJob2004]

Originally posted by: dmcowen674

Originally posted by: IHateMyJob2004

Oh, we have about 12,000 employees right now at our site.

You mean 6,000 and the good news is that with the Bush Regime math that translates to you actually have 24,000 jobs and can expect that number to be 36,000 after the jobs are cut in half.

[look of confusion] IHateMyJob2004 [/look of confusion]

 

[charrison]

Originally posted by: IHateMyJob2004

Originally posted by: glenn1
That would be kinda pointless trying to keep it quiet considering layoffs are a "material event" for which the SEC requires EDGAR reporting, and that Wall Street tends to reward the stock price of companies that are downsizing.

Bad for publicity though.

Key word: through attrition

It in fact WILL NOT be reported.

So since they are not getting contracts to build more subs, they should retain all the people they dont need?