Friday, April 24, 2009
6682: Lowering Profits, Prices And Expectations.
• Ford Motor Company posted 1Q losses at $1.4 billion, yet insisted it was better than expected and the company won’t need federal bailout money. This sounds like the NBA coach whose team loses by triple figures yet still compliments his players’ scrappiness.
• Chicago grocery chain Jewel-Osco announced plans to lower prices by up to 20 percent, hoping to lure cash-conscious customers and battle discounters like Walmart. This sounds like the chain admits it’s been overcharging customers by up to 20 percent for all these years.
• BET owner Viacom announced plans to launch a new channel—to be called Centric—targeting middle-aged Blacks. Viacom executives said Centric is designed to complement BET. Which means it will probably feature reruns of Girlfriends and old school music videos.