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Thursday, November 8, 2012

Within 48 hours of Obama's Re-election, 48 major Corporations Announce Layoffs

 Posted by Eric Ross, PhD, formerly financial adviser with Smith Barney, Citigroup Global Financial Markets

The facts below are purely of the macro-economic nature (the layoffs) and technical nature, reflecting the market's sentiment in regards to the latest major news, and its likely behavior in response to it in the near future.

Within the past 48 hours after Obama’s re-election, the following companies have announced layoffs:

1. Westinghouse
2. Research in Motion
3. Boeing
4. US Cellular
5. Commerzbank
6. Iberia
7. ING
8. Ericsson
9. Bristol-Myers
10. Corning
11. Boston Scientific
12. Abbott Labs
13. St. Jude
14. Caterpillar
15. CVPH Medical Center
16. Lightyear Haqwker Beechcraft
17. Hawker Beechcraft (also closing facilities)
18. Pepsi
19. Groupon
20. Energizer
21. Lightyear Network Solutions
22. Providence Journal
23. Momentive Performance Materials
24. Gameforge Berlin
25. Vestas Wind Systems
26. Husqvarna
27. SRA International
28. PerkinElmer
29. Majestic Star Casino & Hotel
30. Center for Hospice New York
31. Lower Bucks Hospital
32. Oce North America
33. United Blood Services Gulf
34. Atlantic Lottery Corporation
35. Welch Allyn
36. Dana Holding
37. Stryker
38. Medtronic
39. Smith & Nephew
40. Covidien
41. Kinetic Concepts
42. Hill Rom
43. Darden Restaurants
45. Kroger
46. Alcatel-Lucent
47. Umatilla Chemical
48. Rocketdyne

Layoffs by the small businesses are expected to make an even greater impact on unemployment than the head count cuts by large corporations.

The Dow Jones Industrial Average came crashing the morning after Obama's re-election 313 points on the day, and another 112 points the following day, Thursday. The Dow futures came completely undone at the 13,200 level during the Thursday session. The candle on the Japanese Candle Chart is massive and red; it signifies that we have entered a new down leg in the market. The 13,000 level has been broken significantly, with conviction, and this psychologically important area should now offer upward resistance. There exists no particular reason to see this market rising over time, and we suspect that a downward move to 12,400 is likely. Given the increased risk, we expect market weakness until the US government finds a solution to the “fiscal cliff.”

1 comment:

  1. But pay your child support or your going to jail