GM getting rid of some of its brands, cutting thousands of white collar jobs - WDRB 41 Louisville News

GM getting rid of some of its brands, cutting thousands of white collar jobs

Ringing in the new week on Wall Street was the 50th birthday celebration of the IHOP restaurant chain.

But after going up 100 points, the Dow took a midday plunge on weakness in the financial stocks.  Even though oil prices dropped Monday, stocks did too.

The Dow is down 56.58 points to close at 11,231.

The Nasdaq closed down 2.06 points at 2,243.

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With its stock price below $10 a share for the first time since 1954, General Motors is looking into big changes, including getting rid of some of its brands and cutting thousands of white collar jobs.

GM insiders are saying the company wants to speed up the introduction of small cars and all options are being considered.

GM revealed last month it would close four truck and sport utility vehicle plants and boost production of several existing car models.  Its sales are down 16% this year.

More job cuts could be considered by GM's board of directors when it meets in early August.  A JP Morgan analyst predicted GM will burn through $18 billion in the next year and a half as it struggles with depressed U.S. sales.

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A European company is still working to take over Anheuser Busch.  Belgian brewer In-Bev is moving to not only take over the St. Louis beer business, but to take it out.

In-Bev plans to file a statement with U.S. regulators to remove the entire board of Anheuser Busch.  The move adds fuel to In-Bev's 46 billion bid for the American beer company.

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Coca Cola has settled a lawsuit, but it cost the company big-time.

The beverage company paid $137 million after company officials were accused of misrepresenting or omitting information, causing the Coke stock price to be inflated.

Coke had been sued by two money funds.

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One advantage to airlines cutting back -- fewer flights mean more on-time arrivals.

Airlines improved their on-time arrival record in May, but still, more than one in five flights failed to get passengers to their destinations on schedule.

21% of commercial flights in the U.S. arrived 15 minutes late or were canceled or diverted.  That is down by 1% from a year ago.  The biggest cause for late flights was weather.

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