Two old tech companies, both in trouble, have announced layoffs. Their actions might be attributed to a bad economy or to the fiscal cliff. But making that assumption would be a mistake.
Both Texas Instruments Inc. (NASDAQ: TXN) and Xerox Corp. (NYSE: XRX) are in declines that they cannot reverse. Texas Instruments has little share of the hot mobile chip market. And Xerox is in the ancient business of printers and in low-end tech consulting. Each one has been passed by more advanced companies. Xerox will cut 2,500 jobs and Texas Instruments will lay off 1,700.
Xerox’s chief executive, Ursula Burns, said, “We’ll be able to have a low-growth business shifting to a high-growth business as we get more of our revenue from services. On balance, we’re making progress, not fast enough. I’m not patient.” Neither are the people who lost their jobs.
Shares of both companies are thus far inactive in premarket trading but rose fractionally yesterday after hours. Texas Instruments was at $29.00, in a 52-week range of $26.06 to $34.24. Xerox ended at $6.32, in a a 52-week range of $6.26 to $8.84.
Douglas A. McIntyre
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
