Pepsi Profits Down, Job Loses Mount At GM, Bank Of America Reports

"GM Exec Says 1,600 Will Lose Jobs In Next Few Days"
About 1,600 workers at General Motors Corp. will lose their jobs in the next few days as the troubled automaker accelerates cost cuts in order to qualify for more government aid. GM North America President Troy Clarke said in an e-mail to employees sent Monday that the layoffs are needed to ensure the company's long-term viability. "In these unprecedented times, GM is reinventing every aspect of our business, including our organizational size and structure, to create a lean and agile company," Clarke wrote....Complete Story

"Bank of America Posts 1Q Profit, Surpasses View"
Bank of America Corp. managed to avoid a loss in the first quarter, surpassing analysts' expectations and providing further evidence the banking sector might be improving. But the bank also took a hefty $13.4 billion provision for loan losses and its shares fell 55 cents, or 5.2 percent, to $10.05 in premarket trading. The Charlotte, N.C.-based company earned $2.81 billion after paying preferred dividends, or 44 cents per share, compared with a profit of $1.02 billion, 23 cents per share, in the year ago period. Analysts surveyed by Thomson Reuters expected profit of 4 cents per share....Complete Story

"PepsiCo 1st Quarter Profit Edges Down"
Beverage and snack maker PepsiCo Inc. said Monday first-quarter profit edged down 1 percent, hurt by the stronger dollar and continued weak demand for soft drinks in the U.S., but results surpassed analyst expectations. Separately, Purchase, N.Y. based Pepsi offered $6 billion to buy out remaining shares of its two largest bottlers, PepsiAmericas and Pepsi Bottling Group. Profit for the quarter ended March 21 fell 1 percent to $1.14 billion, or 72 cents per share, from $1.15 billion, or 70 cents per share, a year ago. Analysts polled by Thomson Reuters, on average, expected a profit of 67 cents per share....Complete Story


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