LodgeNet Lays Off 30This week has seen a huge number of layoffs in Sioux Falls and LodgeNet announced today that they are laying off 30 people.
Stocks point lower on economic worries U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy.
Stock futures contracts fell more than 1 percent following a late-day sell-off Wednesday that sent stocks to their lowest levels since 2003. The major indexes fell more than 5 percent, while the Dow Jones industrial average tumbled below 8,000, a psychological benchmark for the market.
Investors who have been groping for a bottom to the yearlong market rout are now worried that Washington's disagreement over whether to bail out the auto industry could lead to bankruptcy of major automakers like General Motors Corp. and could send ripple effects through the economy _ including a further blow to consumer confidence.
GM says board doesn't see bankruptcy as option General Motors Corp.'s board of directors does not consider bankruptcy protection a viable option to solve the company's financial troubles, but it has discussed Chapter 11 because it has a legal duty to do so, a spokesman said Saturday.
Century-old GM, an icon of American manufacturing, has been battered by a plunge in car sales as American consumers tighten their belts and shift away from the big moneymaking pickup trucks and SUVS that have long the staples of GM's lineup.
GM, which has slashed jobs and closed plants since early in the decade, has warned that it could run low on cash by the end of the year unless it gets a taxpayer-funded rescue from the government.
Auto Bailout Vote Pushed To DecemberDemocratic leaders have decided to put off a bailout vote for the auto industry until December and will insist that the Big Three first come up with a plan showing how the money would help transform their ...
Obama says long haul aheadPresident-elect Barack Obama said on Saturday he was crafting a two-year plan to fight an economic crisis of "historic proportions" and Chinese leader Hu Jintao said his country was ready to play a big role in ...