This seems to be a week of extremes. Destructive tornados, prolonged 80- to 90-degree heat, 19-inning baseball games, and slooooooow news on the business wires.
No, not everyone has left town to begin their "three-day" weekend. They're just making effective use of those e-mail autorespond messages and voicemail, right?
So let's cast our eyes to Pittsburgh where H.J. Heinz released its Q4 and full-year financial results. Sales for the year topped $10.7B, while net income rose to $990M. Like other companies, the ketchup (or catsup) maker's growth is coming from emerging markets, such as India, Russia and China.
However, Heinz also said it will close five factories: two in Europe, two in the U.S. and one in the Pacific. (News release isn't any more specific than that.) The company will cut 800 to 1,000 jobs. Here's the press release.
Johnson & Johnson updates its pipeline for new pharmaceuticals today at a meeting with analysts. Here's the gameplan.
On the economic report calendar is a revision to 1st quarter gross domestic product. The preliminary estimate was a 1.7 percent growth rate. The revised estimate is 1.8 percent, lower than the 2.2 percent economists had forecast. Read the gory details on the Bureau of Economic Analysis website here.
And weekly jobless claims went UP, not down. The figures was 424,000, an increase of 10,000 from last week's revised number of 414,000. While not quite magic, the number economists say would suggest an improving job market is anything below 400,000. Here's a link to the Labor Dept.'s news release.