Main Street is reeling from mounting job losses and a grim outlook by Federal Reserve officials. Wall Street, on the other hand, may be enjoying a sharp rebound. On Tuesday, a report by New York State Comptroller Thomas DiNapoli forecast that the number of vanishing finance jobs may be far lower than anticipated. Job cuts may not exceed 35,000 — close to losses following the relatively minor recession of 2001, and much lower than the 47,000 officials had forecast while preparing New York City’s budget in June. A year ago, many had forecast job losses exceeding 80,000 . Continue reading Wall Street job losses are surprisingly low, and firms eye record profits Wall Street job losses are surprisingly low, and firms eye record profits originally appeared on DailyFinance on Tue, 17 Nov 2009 15:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Wall Street job losses are surprisingly low, and firms eye record profits

Filed under: Company News , Technology , Investing , Hewlett-Packard , IBM , Cisco Systems Inc. Computer giant Hewlett-Packard ( HPQ ) announced a $2.7 billion deal to buy 3Com ( COMS ), the huge networking company, late Wednesday. It’s HP’s fourth-largest acquisition ever and instantly makes the Silicon Valley pioneer the second-largest networking company in the world after Cisco Systems ( CSCO ). The deal, which represents a 44% premium on 3Com stock, sent 3Com shares soaring some 35% to $7.65, 25 cents short of HP’s offer, in after-hours trading. HP’s move is a bold attack on Cisco, the networking Goliath. “Companies are looking for ways to break free from the business limitations imposed by a networking paradigm that has been dominated by a single vendor,” Dave Donatelli, HP’s executive vice president and general manager for enterprise servers and networking, said in a statement. Continue reading Hewlett-Packard buys 3Com for $2.7 billion in a major challenge to Cisco Hewlett-Packard buys 3Com for $2.7 billion in a major challenge to Cisco originally appeared on DailyFinance on Wed, 11 Nov 2009 17:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Hewlett-Packard buys 3Com for $2.7 billion in a major challenge to Cisco

Filed under: Company News , Technology , Healthcare On Tuesday, CVS ( CVS ) drugstores agreed to pay the State of New York $875,000 to settle a case alleging that it sold expired food, over-the-counter drugs, and infant formula. This settlement follows a $1.3 million settlement between New York State and Rite Aid ( RAD ), suggesting that this crop of expired-product sales may be just the tip of the iceberg. This isn’t the first time CVS has been cited by New York’s attorney general for selling expired items. In 2003, the chain handled the problem by signing an ” Assurance of Discontinuance ,” stating that it would “refrain from selling expired OTC drugs” and would institute “procedures to ensure that OTC drugs were identified and removed from CVS stores and directing and training employees involved in stocking of OTC drugs in these procedures.” Continue reading CVS, Rite Aid: Are sales of expired food and drugs a crisis or a stupid mistake? CVS, Rite Aid: Are sales of expired food and drugs a crisis or a stupid mistake? originally appeared on DailyFinance on Wed, 11 Nov 2009 18:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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CVS, Rite Aid: Are sales of expired food and drugs a crisis or a stupid mistake?