Let's Start With Jobs...
The jobs report came out and, while the jobs total came in beneath expectations, the Dow still surged on the news.
Nonfarm payrolls came in at 136,000, slightly below forecasts of 145,000.
The U.S. economy added fewer new positions than expected last month as companies downshifted their hiring plans amid ongoing uncertainty over whether the U.S. economy is finally succumbing to the downshift in growth happening elsewhere around the world, though the jobless rate ticked lower to a near 50-year low.
Costco's Earnings Report
Costco reported earnings Thursday night.
For the quarter ended Sept. 1, Costco reported earnings of $2.47 a share on a 7% increase in revenue to $47.5 billion.
"Since the beginning of these tariffs over a year ago, we continue to be active in managing and we're possibly mitigating the impact where we can," Chief Financial Officer Richard Galanti said on a conference call. "In some cases, we've reduced our commitments on certain items. And again, just on the impact of what we expect, we look at alternative country sourcing where possible and feasible and although again, there's a limited amount of that ability to do that."
HP Is Planning on Cutting Jobs
HP announced the job cuts Thursday at an analysts' meeting led by incoming CEO Enrique Lores, who was head of the division that includes the profitable business of selling ink for HP printers.
"We are taking bold and decisive actions as we embark on our next chapter," said Lores. "We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work."
"We will become an even more customer-focused and digitally-enabled company, that will lead with innovation and execute with purpose," added Lores, who replaces the outgoing CEO, Dion Weisler on Nov. 1.
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