Microsoft reports drop in earnings, plans to lay off 5,000

Date: Thu, 22 Jan 2009 12:01:20 -0500
Microsoft reports drop in earnings, plans to lay off 5,000

Microsoft Corp. reports a drop in earnings for its fiscal second
quarter and announces plans to lay off as many as 5,000 workers as the
slowing economy has hurt the software giant's businesses.

BOOSTED BY STRONG IPOD SALES, APPLE SHARES RISE

Shares of Apple surge ahead of Thursday's open bell, playing off
financial results in which first-quarter profit easily top investor
expectations.

NOKIA SAYS PROFIT DROPS 69%, LOWERS 2009 VIEW

Nokia, the world's largest maker of mobile phones, generates a 69%
drop in fourth-quarter profit, reflecting waning demand during the key
holiday season, particularly in emerging markets like China.

BANK LOSSES BATTER S&P 500 EARNINGS OUTLOOKS

The bad debt rotting banks' books has sent projections for corporate
earnings diving, with S&P 500 profits now on track for a roughly 20%
drop -- significantly worse than they were at the start of the
quarter.

HOUSING STILL HEADING FOR A BOTTOM, BUT SHOULD GET THERE IN '09

Housing will not look much better at the end of this year than it does
now, but "we do expect '09 will be the bottom," the chief economist
for the National Association of Home Builders said Tuesday.