QUALCOMM, Inc. (NASDAQ:QCOM) plans to cut 1,258 workers at two of its California locations, according to a filing with the California Employment Development Department.
The semiconductor company informed the state on Wednesday that it plans to let go of 1,064 employees in San Diego and 164 in Santa Clara. The cuts are expected to take effect on December 13, according to the filing. Qualcomm employed about 51,000 workers as of September 2022, according to its most recent annual filing.
Meanwhile, after the United Auto Workers began striking Ford Motor Company (NYSE:F) most profitable factory, a Ford executive said Thursday that the automaker is “at the limit” of concessions it can offer its roughly 57,000 UAW employees.
Kumar Galhotra, president of Ford’s traditional operations, said that while there’s room to move money around within the existing offer to better match the UAW’s priorities, the automaker has reached a line on economic concessions.
“We’ve been very clear that we are at the limit. We stretched to get to this point,” Galhotra said during a media and analyst call.
Elsewhere, a slate of big banks will report earnings before the market opens on Friday. The impact of inflation and interest rates will be watched closely, as will which banks can outperform their rivals on Wall Street.
"Worsening revenue trends (slowing loan growth, declining net interest margins, tempered fees) [are] widely expected," Bank of America analysts wrote in a note to clients this week. It said asset quality is set to worsen "and should begin to matter more as investors brace for a credit cycle."
In fact, BofA said it would lower its price objectives across its coverage by an average of 5% due to downward revisions to earnings per share forecasts.