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Cummins cutting 800 jobs; Deere rating reduced

A couple quick headlines from this morning:

Reuters: U.S. manufacturer Cummins Inc (CMI.N) said on Tuesday it would cut its permanent professional workforce worldwide by at least 800 and reduce its top executives’ pay by 10 percent next year in an effort to reduce costs in the face of a deepening global recession.

Market Watch: J.P. Morgan reduced its rating for Deere Co. to neutral from overweight on Tuesday, saying farm equipment sales appear to have already peaked. In a note to investors, the financial firm said corn prices look poised to fall, threatening to weaken farmers’ purchasing power and countering its earlier prediction that lower South American crop production would keep prices firm.

Normally we’d cheer tough times for the competition, but these ain’t normal times.

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Tom Mangan posted at 7:03 am January 13th, 2009 |