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Pratt & Whitney Cuts Jobs – Analyst Blog

Zacks Market Commentaries (September 22nd, 2009) Writes:
Jet engine maker Pratt & Whitney said it plans to eliminate 1,000 jobs in Connecticut by 2011, transferring engine repair work to the Southeastern state of Georgia and Asia in a cost-cutting initiative.

This subsidiary of United Technologies Corp. (UTX) will close down its Cheshire, Connecticut, plant by early 2011. From the second quarter of 2010, it will begin shifting some operations from the East Hartford facility to Columbus, Georgia, Singapore and Japan. Pratt & Whitney, which is suffering due to sagging demand from airlines, employs 35,000 workers worldwide, with 11,000 in Connecticut.

The company rejected an offer that the Machinists union valued at more than $80 million in wage and other concessions and a state plan proposing $100 million in economic assistance over five years. Pratt & Whitney has vastly scaled back operations in the state since the 1960s, when more than 20,000 workers were employed.

Pratt

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Company News for August 25, 2009 – Corporate Summary

Zacks Market Commentaries (August 25th, 2009) Writes:

• Boeing (NYSE:BA) shares rose 2.8% Monday on reports of a WestJet order for fourteen 737-700 airliners; the company also received a $1.155 billion Department of Defense contract for the C-17 Globemaster III

• Staples (NASDAQ:SPLS) reported inline second quarter earnings of 16 cents a share versus 21 cents a share a year ago, on sales of $5.53 billion versus $5.07 billion

• Big Lots (NYSE:BIG) reported second quarter earnings of 35 cents a share, 4 cents higher than Zacks estimates, versus 32 cents a year ago, on sales of $1.09 billion versus $1.11 billion. The firm raised its 2009 guidance to $1.92 to $2.02 a share from $1.85 to $1.95 a share

• JP Morgan (NYSE:JPM) analysts downgraded mining stocks on valuation concerns, saying the shares appear less attractive after their 75% run-up since December 3. Meanwhile, telecom shares were upgraded as more attractive based upon their 50% relative discount on a

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