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The Bad News Report

tozmervo

By tozmervo
in Charlotte

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WEM
WEM

I work at Siemens.  Reports of this factory's death are greatly over-exaggerated. As stated, this rolling shutdown is part of the PG division's greater shut down.  The industry is experiencing a

ah59396
ah59396

Just, no.  We are all aware of your position on HB2, which is fine, you are entitled to it.  But losing the East Coast operation of PayPal and 400 new jobs is not warranting of a smiley face.  Get out

JHart
JHart

People moving across state lines for jobs are not the exploited workers who require protections. Clearly there are tons of high paying jobs in the metro areas, which is a great thing about Charlotte a

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asthasr Whistle-Stop

asthasr

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12 minutes ago, mpretori said:

I worked for them. They have no loyalty. The layoffs that arnt reported to the media pales in comparison to this.

Well, rest assured they'll have a hideous credit card breach and lose a few million in fines, lawsuits, and shareholder value soon.

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elrodvt Burg

elrodvt

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32 minutes ago, nik12 said:

TIAA's layoffs back in September included a large number of IT jobs that were being sent to India.  It's still a thing.   

The company I work for is changing their support for work at home demanding that all employees be in the office for "collaboration". 

While at the same time demanding 50% of the work be done offshore.

It's all about what magazine their CIO last read in first class while the private jet was in the shop.

These things are as cyclical as locusts and just a productive.

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cjd5050 Hamlet

cjd5050

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From Reddit so take it for what it's worth but they claim that Lowe's in deep to Bondholders.  

>> To the tune of $16 billion. The company has $5.5 billion of equity ($1 billion of which is goodwill, i.e. made up) and $32 billion of liabilities. They are still decently profitable, but if the housing market turns south they could be in a lot of trouble. Makes sense to try and trim costs now so they don't get caught in an even worse situation later.

There are also plenty of people talking about massive amounts of employees being demoted from management to lower level positions in a year-long term.  Could be trying to spread out the damage even further.

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cltbwimob Burg

cltbwimob

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42 minutes ago, elrodvt said:

Hopefully most here would agree having the first flat earth conference in Raleigh is bad news for the state. Who can believe this stuff????:

http://fe2017.com/

This isn't the first flat earth conference in Raleigh...Raleigh hosts a flat earth conference every year when the NCGA convenes.

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pgsinger Whistle-Stop

pgsinger

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Just for clarification, Lowe's has $37.5 Billion in assets, of which $1 Billion is goodwill.  So, the $5.5 Billion is stockholder equity.  Their primary competition Home Depot has $45 Billion in assets, of which $2 Billion is goodwill.  HD also has about $41 Billion in liabilities, so there stockholder equity is about $4.5 Billion.  If you are looking at tangible net worth of each (i.e. no goodwill), you are looking at $4.5 Billion for Lowe's and $3.5 Billion on Home Depot.  Earnings multiples are pretty close with Lowe's actually doing better with a nearly 24 P/E with HD a touch lower than 23 P/E.  

HD's market cap ($182 Billion) is about 3x the market cap of Lowe's ($63 Billion).  HD pays about 3x the dividend of Lowe's as well.  Most of this, I assume, is a function of their income statement and earnings.  Lowe's cost of actually doing business is much higher than HD.  My hunch is they are looking to lower this cost, then potentially raise more equity to be better positioned to compete against HD. 

Regardless, active management is a good thing.  Companies should always be looking to become more efficient.  

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tozmervo Metropolis

tozmervo

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8 hours ago, pgsinger said:

Just for clarification, Lowe's has $37.5 Billion in assets, of which $1 Billion is goodwill.  So, the $5.5 Billion is stockholder equity.  Their primary competition Home Depot has $45 Billion in assets, of which $2 Billion is goodwill.  HD also has about $41 Billion in liabilities, so there stockholder equity is about $4.5 Billion.  If you are looking at tangible net worth of each (i.e. no goodwill), you are looking at $4.5 Billion for Lowe's and $3.5 Billion on Home Depot.  Earnings multiples are pretty close with Lowe's actually doing better with a nearly 24 P/E with HD a touch lower than 23 P/E.  

HD's market cap ($182 Billion) is about 3x the market cap of Lowe's ($63 Billion).  HD pays about 3x the dividend of Lowe's as well.  Most of this, I assume, is a function of their income statement and earnings.  Lowe's cost of actually doing business is much higher than HD.  My hunch is they are looking to lower this cost, then potentially raise more equity to be better positioned to compete against HD. 

Regardless, active management is a good thing.  Companies should always be looking to become more efficient.  

From a customer standpoint, HD is beating the snot out of Lowes. I was being constantly frustrated with the selection at Lowes and the hide-and-seek staffing. When comparing selections of something like electrical outlets, for example, HD just has a better selection. Their garden department is world's better. HD also seems much more actively involved in their local community (ATL) than Lowes is here. 

Sufficed to say, I go to HD first now.

 

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KJHburg Ecumenopolis

KJHburg

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Yes FoxConn is going to Wisconsin while a disappointment to NC it is fantastic for the American economy. 

However NC is attracting quite a bit of foreign manufacturing to the state this is all since 1/1/2017

Austrian wood products coming to Davidson County 700 plus jobs $700 million investment 4.5 million sq ft https://edpnc.com/austrian-wood-products-manufacturer-locates-1st-u-s-plant-nc-plans-770-new-jobs-15-years/

Auto parts maker transferring production from Japan to Scotland County https://edpnc.com/auto-parts-maker-transfer-japanese-production-create-28-new-jobs-scotland-county/

First ever South African based company's plant outside of SA producting Biltong https://edpnc.com/8315-2/

Turkish fabric maker 250 jobs in Winston Salem https://edpnc.com/turkish-textiles-maker-reopen-idle-winston-salem-plant-create-260-new-jobs/

HondaJets only production facility in the world in Greensboro https://edpnc.com/success-stories/honda-aircraft-company-north-carolina-allies-innovation/

Another Austrian company that makes auto parts first plant in US https://edpnc.com/austrian-automotive-plastics-manufacturer-building-plant-alexander-county/

Door maker moving production to NC from China https://edpnc.com/ryan-als-plant-will-reshore-door-manufacturing-n-c-create-53-jobs/

Sri Lankan company opening first US plant in NC https://edpnc.com/global-apparel-tech-company-acme-mccrary-bring-133-new-jobs-randolph-county/

and the last one I will post a Swiss company opening its first manufacturing plant right here in Mecklenburg county https://edpnc.com/swiss-manufacturer-opening-charlotte-plant-creating-93-jobs-charlotte/

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CLT2014 Town

CLT2014

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46 minutes ago, KJHburg said:

that may be so but it does not help the image of Charlotte or NC any. Plus most of it was filmed in Georgia. 

I believe the brothers are supposed to be from West Virginia. Charlotte is just where the race is that they plan to rob. 

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kermit Megalopolis

kermit

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RE CSX restructuring as a result of a new CEO:

According to J.B. Hunt  (the trucking company) the Charlotte CSX intermodal hub is experiencing 48-72 hour delays in delivering containers. According to Hunt the Charlotte yard is one of the slowest in the network at the moment. The issue is, almost certainly,  temporary but (based on the Union Pacific meltdown) these delays could last for six months or more.

EDIT: Norfolk Southern is not affected by these problems but they can't provide fast service to/form Wilmington, Florida or much of the Gulf Coast. The CSX meltdown is a particularly bad time for the state since Toyota and Mazda are shopping NC megasites for a new car factory and two of the four sites are only served by CSX IIRC.

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