The European economic crisis has taken a toll on business at Siemens (NYSE:SI) as customers put a hold on orders for engineering equipment, says a report by Reuters. The company’s initiatives to develop renewable energy and infrastructure businesses have not seen sufficient volumes, whereas competitors took to cutting costs with a vengeance. The company may need to address the margin gap with its competitors by cutting jobs and office closures in a plan to achieve cost savings of up to € 4 billion ($ 5.2 billion).
Tesla Motors (NASDAQ:TSLA) as received a $ 10 million grant from California to help build its rechargeable sport utility vehicle. The grant would help it procure assembly equipment and add 500 workers to the facility. Tesla is contributing $ 50.2 million for the project which is likely to enter production by 2014.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
Wendy’s (NYSE:WEN) is revamping its well-known logo as it attempts to improve its brand appeal. After more than 30 years the freckled girl image will be replaced with a more contemporary look and softer font. Says Craig Bahner, Wendy’s chief marketing officer: “All great brands evolve. When we stepped back and looked at all of the things we’re doing … we realized it was time to evolve the logo.”
Flat revenues and continuing mortgage issues at its Countrywide unit mean that Bank of America (NYSE:BAC) will have to press on with plans to cut over 30,000 jobs, said Chief Executive officer Brian Moynihan in an interview with Bloomberg.
According to a report in the Financial Times, Goldman Sachs‘(NYSE:GS) investigators “interviewed dozens of staff and sifted through millions of e-mails, finding about 4000 ‘muppet’ references. But they said 99% of those refer to last year’s movie of the same name.” The investigation, known as “the muppet hunt” was launched after ex-employee Greg Smith went public on the New York Times op-ed page about the firm’s reportedly contemptuous attitude towards clients.