BUSINESS NOTES.IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) OFFERING BUYOUTS: In a move that could slash thousands of jobs, International Business Machines Corp. is offering many of its 241,000 employees a voluntary job-buyout plan in a bid to pare costs. The measure comes amid sluggish profits from some IBM machines and suggests a growing challenge for the world's largest computer corporation: Trimming expenses in less profitable divisions while adding staff in fast-growing areas such as computer services. The wide-reaching program, begun this week, follows two years of acquisitions and hiring by IBM, and several prior years of downsizing. ?13- Associated Press AT&T STOCK JUMPS: AT&T Corp. stock jumped nearly 4 percent amid reports that the nation's largest long-distance company planned to choose the head of Hughes Electronics Inc. as its next leader. AT&T was expected to announce early next week that it selected Hughes Chief Executive C. Michael Armstrong C Michael Armstong (born 18 October, 1938, in Detroit, Michigan) is the former AT&T chairman and CEO, who tried to reestablish AT&T as an end-to-end carrier. Unfortunately, due to the dot.com bust and various other issues, he was forced to break the group up in 2001. to succeed Robert E. Allen, AT&T's outgoing chairman and chief executive, CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. reported Friday. ?13- Associated Press FREIGHT SERVICE TO BE SUSPENDED: Union Pacific Corp. will suspend its high-speed freight service between Chicago and Texas for at least two months as it struggles to clear a freight logjam log·jam n. 1. An immovable mass of floating logs crowded together. 2. A deadlock, as in negotiations; an impasse. Noun 1. . Union Pacific Railroad Union Pacific Railroad, transportation company chartered (1862) by Congress to build part of the nation's first transcontinental railroad line. Under terms of the Pacific Railroads Act, the Union Pacific was authorized to build a line westward from Omaha, Nebr. , the largest in the United States, will suspend its shipments of ocean containers and truck trailers from Nov. 1 until at least Jan. 1, spokesman John Bromley said. The suspension lets the carrier shift locomotives to regions jammed with freight, primarily the Gulf Coast and West Coast. ?13- Bloomberg News DOW OFF 2.5% FOR WEEK: The Dow Jones industrial average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. fell 91.85 to 7,847.03 on Friday, for a loss of 198.18, or about 2.5 percent, for the week. Even with the loss, the Dow is up more than 21 percent this year, just ahead of Sunday's 10th anniversary of the Crash of 1987. ?13- Associated Press |
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