October 1, 2013
TODAY'S FOX BUTTERFIELD MOMENT:
You're fired. Stock rises. Wall Street loves layoffs (Paul R. La Monica, October 1, 2013, CNN Money)
If only they'd add boondoggle jobs and make themselves less productive.... Posted by Orrin Judd at October 1, 2013 2:47 PMMerck announced 8,500 new job cuts today. That's on top of previously disclosed plans to lay off 7,500 workers. Shares of Merck rose more than 2% on the news.But here's the crazy thing. It's not as if Merck (MRK) had been struggling before Tuesday's job cut announcement. The stock is now up nearly 20% so far in 2013 and shares are just 3% below their 52-week high.Merck is not alone. Several companies that have been posting decent earnings increases are also getting rid of workers. And investors keep cheering.