The Boeing Co. will give about 275 workers in the Puget Sound region 60-day notices today. Company-wide, Boeing will hand out 500 pink slips today as part of its ongoing effort to cut its work force by 10,000 positions by year’s end. The company has said it plans to trim its commercial airplanes operation by 4,500 people. Roughly 200 workers in that division will get notices today. Boeing’s workforce reduction comes in response to a decline in air traffic and anticipated defense budget cuts.
Zumiez posts $3.1 million loss
Action sports retailer Zumiez Inc. posted a net loss for the quarter ending Aug. 1 of $3.1 million, or 10 cents per diluted share. The results include a charge of $1.3 million, or three cents per diluted share, associated with a lawsuit settlement. A year ago, net income in the comparable quarter was $2.7 million or nine cents per diluted share. Comparable store sales for the second quarter of 2009 decreased 18.8 percent versus 1.7 percent a year ago. Chief Executive Rick Brooks said sales improved as the second quarter progressed, allowing the Everett-based company to improve on its initial financial projections.
Starbucks cuts some prices, adds others
Starbucks Corp. is raising prices on certain harder-to-make beverages — and cutting the costs for simpler ones like a plain cup of coffee, the company said Thursday. The price hikes, on average between 10 and 15 cents and as much as 30 cents, went into effect Thursday. The increases will be added to “complex” drinks, like the company’s frothy blended frappuccino. More basic beverages — the latte and plain coffee, among others — will see prices decreased by 5 to 15 cents. Officials at the Seattle-based coffee giant said prices will vary by region to cover higher labor and material costs. Starbucks shares rose 10 cents to $19.22 in trading Thursday.
Soon to be worthless, GM stock still selling
Whether it’s a matter of ignorance or greed, people are still buying General Motors stock, even though the company and the government have warned that the shares will someday be worthless. Investors are picking up millions of shares every day, thinking they’ll profit from what is really a hodgepodge of outdated factories and a pile of debt left behind when the new General Motors Co. exited bankruptcy court protection. Instead, they could end up losing money very quickly. The price of the shares, currently under $1, has ratcheted up or down as much as 50 cents in one day. On Wednesday, investors bought or sold 12.6 million shares for around 90 cents apiece. The old GM stock had a higher trading volume than big, viable companies such as retailer CVS Caremark Corp., banker Capital One Financial Corp. and consumer products maker Procter &Gamble Co.
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