MGM Bankruptcy, Layoffs: Hot Trends

'MGM bankruptcy,' 'government layoffs,' 'UPS jobs' and 'home loans' are the trending topics on Google and Yahoo.
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(Information on MGM's bankruptcy plans and government layoffs updated in today's Hot Trends article.)

NEW YORK (

TheStreet

) -- "MGM bankruptcy" is a trending topic today following reports that

Metro-Goldwyn-Mayer

plans to file for bankruptcy protection.

The motion picture company that controls the James Bond franchise said that it has requested its creditors' approval on a bankruptcy plan. Under the proposed plan, MGM will exchange more than $4 billion in debt for close to 95% equity in a new company.

Privately held production company

Spyglass Entertainment

would gain a 4.7% stake in the reorganized company by merging two subsidiaries into MGM. Approved holders of secured debt as of Oct. 4 can vote until Oct. 22 at which point the company plans to file for bankruptcy.

"Government layoffs" is a heavily searched phrase today after the Labor Department released data showing that the

nation's payrolls fell by a net total of 95,000 jobs

.

>>Layoffs Continue to Mount

Reports attribute the significant drop to a wave of government layoffs in September.

The U.S. Bureau of Labor Statistics reported that the unemployment rate was 9.6% last month, marking September as the 14th consecutive month that the jobless rate was over 9.5%. Government jobs fell by 159,000, primarily due to a loss of temporary census workers.

"UPS jobs" is a trending topic today after the

United Parcel Service

(UPS) - Get Report

announced its plan to hire 50,000 seasonal employees to work the holiday season.

The company wants to hire employees for short-term positions its peak season between Thanksgiving and Christmas.

UPS is looking to fill positions such as package sorters and driver helpers.

"Home loans" is a trending search topic following yesterday's release of

Freddie Mac's

(FMCC)

weekly survey showing that the average 30-year fixed mortgage rate dropped to a record low. The 30-year fixed rate is 4.27% this week, down from last week's 4.32%, and down from 4.87% a year ago.

"The 12 month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the past six months ending in August and suggests inflation is running at a tepid pace at best," said Frank Nothaft, vice president and chief economist of Freddie Mac. "This allowed mortgage rates to ease to new or near record lows this week."

The average 15-year fixed mortgage rate fell to 3.72% from last week's 3.75%. This is the lowest 15-year fixed rate since 1991.

The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.

-- Written by Theresa McCabe in Boston.

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