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In 3Q16, $SYY began a productivity plan that includes a reduction in its workforce by approx. 2%, or 1,200 positions, by the end of FY17. $SYY expects to record severance charges and related benefit costs of $25-30MM through the end of FY17. Charges recognized in 3Q16 were $6.2MM.
The U.S. Treasury will be receiving $10 billion as dividends from the combined government-backed mortgage giants Fannie Mae and Freddie Mac. This is a sign that a recovered housing market is allowing the once-ailing firms to subsidize federal government spending.
$CSCO shift from hardware to becoming a software behemoth seems to be working for the company so far. Stock has seen a steady rise since the change. But is it sustainable?
Heard about the next generation iPhone. Going by the reports, it is believed that $AAPL will release three iphones this year.