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Stocks Ed`s Update, CNNfn.
Publication: Finance Wire Publication Date: 30-APR-04 |
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COPYRIGHT 2004 FDCH e-media
Original Source: STREET SWEEP
CHRISTINE ROMANS, CNNfn ANCHOR, STREET SWEEP: Struggling grocery chain, Winn-Dixie [Company: Winn-Dixie Stores Inc.; Ticker: WIN; URL: http://www.winn-dixie.com/] is closing 156 stores and cutting up to 10,000 jobs. The firm`s CEO says the decision to cut jobs was difficult but necessary. Winn-Dixie says it will try to sell some stores and hire affected workers at other locations in order to keep the job losses to a minimum. The company also reported third quarter results. Net profit plummeted to $610 thousand compared with more than $15 million one year ago.
Investors bid up shares on news of the job cuts. The stock is up more than 2 percent now on news of those job cuts.
Computer maker Gateway [Company: Gateway Inc.; Ticker: GTW; URL: http://www.gateway.com/]
though...
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