From Fnno.com, this is the Financial News Network. Here's a few things to watch for in the financial world today August 13.
Motorola Mobility (NYSE:MMI) confirmed just recently it will be cutting 4000 jobs as part of a restructuring plan from its new owner Google (NASDAQ:GOOG). One third of the cuts will be from the United States and Google says the change will allow Motorola to focus on a few devices instead of dozens in many different markets. Google has also hired its own executives to run its new cellphone manufacturing unit, laying off 40 percent of Motorola's vice presidents. The ultimate goal is to not only create new mobile hardware but to make Motorola profitable again, something the company hasn't seen in 14 of the last 16 quarters.
Speaking of mobile devices, Barnes & Noble (NYSE:BKS) is still trying to compete in the tablet market. The bookseller announced price cuts to its popular Nook e-readers on Sunday. Its 16 GB Nook Tablet will now be $199, a price more in line with its competitors. The 8GB version will have a $20 price cut as well as Barnes & Noble's less expensive e-reader the Nook Color. The price cuts come in the wake of rumors Amazon will be releasing a new version of its Kindle Fire.
Finally, FedEx (NYSE:FDX) announced this morning it will be offering voluntary buyout incentives to certain U.S-based employees. The buyouts come in the wake of slow growth and weak earnings this past quarter. FedEx hopes to reduce costs and is offering the voluntary buyouts to step up its saving efforts. It is too soon to tell how many will take the offer and how effective it will be in terms of boosting FedEx's earnings. More details will emerge at its investors and lenders meeting on October 9 and 10.
Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world follow us on twitter @FNNOnline or check out our website at fnno.com.