AmEx Cuts 7,000 Jobs; Oil Down on GDP; Governors Lobby Gov. on Auto Industry; Motorola Downsizes; Kodak Results Less Than Picture Perfect; Waste Management Recession Resistant

American Express Co. (AXP) said yesterday (Thursday) that it plans to cut 7,000 jobs, or 10% of its global work force, in an effort to reduce costs by $1.8 billion in next year, The Associated Press reported. The company will also suspend management-level salary increases next year and institute a hiring freeze. American Express has reported four straight quarters of profit declines. Oil prices fell more than 2% yesterday (Thursday), after economic data showed a 0.3% decline in gross domestic product (GDP). Light, sweet crude fell $1.54 at settle $65.96 a barrel, after trading as high as $70.60 earlier in the day. Oil is down 55% from the record high $147.27 a barrel reached in July. It is down 30% in ...

AmEx Cuts 7,000 Jobs; Oil Down on GDP; Governors Lobby Gov. on Auto Industry; Motorola Downsizes; Kodak Results Less Than Picture Perfect; Waste Management Recession Resistant

American Express Co. (AXP) said yesterday (Thursday) that it plans to cut 7,000 jobs, or 10% of its global work force, in an effort to reduce costs by $1.8 billion in next year, The Associated Press reported. The company will also suspend management-level salary increases next year and institute a hiring freeze. American Express has reported four straight quarters of profit declines. Oil prices fell more than 2% yesterday (Thursday), after economic data showed a 0.3% decline in gross domestic product (GDP). Light, sweet crude fell $1.54 at settle $65.96 a barrel, after trading as high as $70.60 earlier in the day. Oil is down 55% from the record high $147.27 a barrel reached in July. It is down 30% in ...

Goldman Sachs made the following changes to its conviction buy list, which can be tracked at:

http://trackthepros.com/stocks/category/930

Goldman Sachs removed Allied Waste Industries Inc. (NYSE: AW) from its Conviction Buy List. The firm is maintaining a Buy rating.

Allied Waste Industries, Inc. operates as a nonhazardous solid waste management company in the United States and Puerto Rico.

Goldman Sachs added Marsh & McLennan Companies, Inc. (NYSE: MMC) to its Conviction Buy List.

Shares of Marsh & McLennan are up 7.7% this AM to $27.61. The 52-week range is $23.12-$36.82.

Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions in the areas of risk, strategy, and human capital.

Goldman Sachs upgrades Applied Materials Inc. (Nasdaq: AMAT) from Sell to Buy and added the stock to their Conviction Buy List.

Applied Materials, Inc. designs, manufactures, and sells semiconductor fabrication equipment worldwide.

Goldman Sachs added Waste Management, Inc. (NYSE:

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