Market Focus


Microsoft announced it will slash nearly 8,000 positions, with most of the cuts coming from its phone business. The firm will also take a charge of nearly $8 billion related to its acquisition of Nokia’s handset business. Shares were off slightly to $44.24.


Apple’s watch isn’t as popular as expected. According to a report out today, sales of the wearable have plunged 90 percent since opening week. Separately, a Wall Street Journal report out today says the company is preparing for a record initial production run of its next iPhones by the end of the year. Shares fell 2.5 percent to $122.57.


Barclays’ chief executive, Antony Jenkins is out, the victim of a board that had grown impatient with what it viewed as Jenkins’ plodding steps to make the bank leaner and less-focused on investment banking. Chairman John McFarlane will take over as CEO. Shares were off one percent to $15.79.

Southwest Airlines 

Southwest Airlines reported an increase in traffic capacity and load factor from last year. The airline also said a key passenger revenue metric is expected to decrease in its second quarter when compared to last year. Shares were off three percent to $32.36.

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