Blackberry said it will miss revenue consensus by nearly 50%, eat away at its cash by some $500mil cut 40% of its workforce and collapse its device portfolio from six devices to four.
It's fitting that BlackBerry announced that it had lost nearly $1 billion in the past quarter on the same day that thousands of Apple fans lined up for a new iPhone. The juxtaposition between the have and have-not couldn't be more clear, and only underscores the fact that BlackBerry never really had a chance in the smartphone game.
Kansas City Fed President Esther George warned that the U.S. central bank had harmed its credibility by delaying a highly anticipated reduction in monetary stimulus this week, but another official argued it had been the right thing to do. St. Louis Fed chief James Bullard, defending the decision, said low inflation meant the central bank could be patient in deciding when to act, although the prospects for tapering would pick up if payroll and unemployment data brightened further.
More trouble in the Lohan family! Dina Lohan has reportedly been served with foreclosure papers for Lindsay Lohan's childhood Long Island home. It seems JP Morgan Chase filed the papers back on Aug. 28?two weeks before Dina's DWI arrest.