STOCK MARKET WATCH -- Wednesday, 16 September 2015

[Demeter]

4. Hewlett-Packard to Cut Up to 30,000 More Jobs in Restructuring

SO SAD TO SEE THE KING LAID LOW

http://www.bloomberg.com/news/articles/2015-09-15/hewlett-packard-to-cut-up-to-30-000-more-jobs-in-restructuring

Hewlett-Packard Co., the technology company splitting into two separate entities, said it will cut 25,000 to 30,000 more jobs as part of a $2.7 billion restructuring, primarily focused on its enterprise-services division.

The company will incur a charge of about $2.7 billion, Hewlett-Packard said Tuesday at a meeting with analysts. The company had previously disclosed $2 billion in probable cost cuts at the services division within Hewlett Packard Enterprise, and has found an additional $700 million in savings across the business, said Tim Stonesifer, chief financial officer of Hewlett Packard Enterprise.

The additional cuts will "be things such as site closures and the reductions of those, and further reductions of workforce across the broader portfolio," Stonesifer said at the event. The cuts announced Tuesday, in addition to 54,000 that have already taken place, are the most among North American companies this year, according to data compiled by Bloomberg.

Hewlett-Packard is scheduled to break into two distinct entities in November, with one named Hewlett Packard Enterprise supplying businesses with high-end technology, and the other, HP Inc., selling personal computers and printers. The split, announced last October, is designed to enable each company to be better positioned in their respective markets...