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HP Revises Jobs Cuts to 29K

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 4:54
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This transcript is automatically generated

This is they.

Imus in the morning program on the fox goes -- -- Anyone with the breaking news story now from Hewlett-Packard.

In a regulatory filing the company says it expects to shed.

29000.

Jobs through fiscal two point fourteen as part of its previously disclosed.

Restructuring that figure is revised higher since the plan was originally announced in May at that time the company expected to cut 27000.

Jobs.

Looking at markets this morning here in the US futures seem to be starting the week off to the downside Dow futures are down by seventeen.

Yes if he's down by about two and a half the nasdaq's down by four and a half in Europe investors are looking ahead to Germany's constitutional court ruling.

That comes up on Wednesday and it's on the legality of the Euro zone's permanent rescue fund.

Ahead of that stocks are mixed London and Paris are slightly up with London and Frankfurt rather slightly up while -- to the downside -- a closer look now what's moving European markets with Jane Foley.

Senior currency strategist at rabobank in London.

Jane Germany's constitutional court is expected to give the European stability mechanism a green light Wednesday but what happens and it doesn't.

Well it what happens is it doesn't I would be if you -- I think for at politicians and most of for the markets for the consensus is that it will give it the go ahead what we are expecting -- -- definitely the G10 and yet.

Is the conditions are not likely to be attached to this -- the -- of these conditions.

Is that -- between short -- -- parliament remains in control of Japanese budget.

And Jane -- velocity watching closely as Dutch voters head to the -- of that same day on Wednesday.

What kind of an impact could this election have on Europe's austerity focused approach to dealing with the debt crisis there.

-- said he has been a shift you've got to remember is that the selection came -- out.

At because of objections to you that the Dutch budget that has been -- change if you like within that the Netherlands against.

Austerity.

And a close that before -- -- -- has we've been able to rely in the Netherlands as a strong ally on this point -- It will be a coalition government that they will get in the Netherlands.

But there is likely to be as great proportion of seats -- -- -- -- two parties which are opposed.

Team very very close ties with Brussels and with these austerity measures.

-- we have big day in Europe as Jane Foley from rob -- bank in London thanks Jane.

And BP is selling some of its oil -- in the Gulf of Mexico for more than five point five billion dollars.

The deal with Plains Exploration & Production in the proceeds from that deal would go toward paying for damages.

From the -- ten oil spill in the gulf BP announced in May it was looking to sell -- -- in the area and -- has been working.

To build up its oil assets as the price for natural gas.

Continues to slump.

Meanwhile shares of Transocean are trading higher in the pre market after the offshore driller agreed to sell 38.

Older rigs to a Dubai based firm for about one billion dollars the -- price includes nearly 200 million dollars in seller financing.

Older drilling rigs have lower demand and higher downtime in maintenance costs eat into the drilling firm's profits.

The US government is selling more of its stake in AIG in an effort to recoup more taxpayer money from the company's bail out.

The treasury announced it will sell eighteen billion dollars worth of the firm's common stock.

But another three million set aside in case demand topped expectations.

AG says it will buy back five billion dollars worth of shares -- undetermined price.

The move should reduce the government stake in the company to 53%.

To less than 20% though marked the first time the government hasn't held a majority stake in AIG since that bail out.

Two of Wall Street's biggest banks are reviewing -- -- Arguing compensation for their executives.

To the Wall Street Journal report -- Excuse me.

And other managers as after JPMorgan the biggest US bank -- at least five point eight.

Billion dollars and they'll be riveted trades the journal says -- group's board is looking at how to revise next year's compensation plan.

To win support from investors Imus in the morning continues after this.

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