May 19 Biz Minute
A modest rebound in single-family home construction in April raised hopes today that the three-year slide in housing could be bottoming. But with the supply of unsold homes bulging, foreclosures rising and prices falling, no broad recovery is expected until next spring at the earliest…. The Home Depot said today that its fiscal first-quarter profit climbed 44 percent on fewer charges, while the nation’s largest home improvement retailer beat Wall Street’s expectations. Despite the stronger-than-expected performance,its shares fell 5 percent after the retailer opted not to boost its full year outlook. Medical device maker Medtronic said today it would cut 1500 to 1800 employees after posting a fiscal fourth-quarter profit that plunged 69 percent on slipping sales and restructuring and other charges. The company said it recorded a million restructuring charge in connection with the jobs cuts, which are aimed at streamlining operations for underperforming units, such as cardiac surgery At least two Inland dealerships are confirmed to be on a list of 1100 nationwide that General Motors plans to drop as franchisees by October 2010. Hatfield Buick GMC in Redlands, and Tri Buick Pontiac GMC in Hemet both received confirmation from GM Friday. Don McCredie, owner of Tri Buick Pontiac called it unfortunate, while owner Bill Hatfield of Hatfield Buick said they were going to contest the decision.
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