Stocks put in a bottom, rebounded to positive territory, and have now collapsed again on new large job cut announcements from Macy's and Morgan Stanley. Macy's also announced that it would cut its dividends and make a tender offer to retire some of its debt load, an action that is interpreted as bearish. Morgan Stanley is cutting 3-4% of its staff.Monday, February 2, 2009
Stocks Rebound, Collapse on New Job Cut Announcements
Stocks put in a bottom, rebounded to positive territory, and have now collapsed again on new large job cut announcements from Macy's and Morgan Stanley. Macy's also announced that it would cut its dividends and make a tender offer to retire some of its debt load, an action that is interpreted as bearish. Morgan Stanley is cutting 3-4% of its staff.
