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CNNfn after the bell
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November 11, 1998: 5:23 p.m. ET
Monsanto, General Scanning to cut jobs; Nordstrom beats the street
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NEW YORK (CNNfn) - Layoff announcements by Monsanto and General Scanning dominated Wednesday's batch of after hours news, in addition to a better-than-expected earnings report from retailing giant Nordstrom.
Monsanto Co. (MTC) announced it will cut as many as 2,500, or about 9 percent, of its global workforce as part of a restructuring initiative. The company said it would raise up to $4 billion to fund the acquisitions and that 700 to 1,000 jobs would be cut as part of the restructuring, with another 1,300 to 1,500 jobs taken off the Monsanto payroll through business divestitures.
General Scanning Inc. (GSCN) reported it will lay off 70 employees, or 8 percent of its workforce, at its manufacturing facilities in Massachusetts and California, as well as its sales and service force abroad, particularly in the Far East. The company blamed the continuing Asian financial crisis and the dramatic slowdown in the semiconductor industry for the cuts.
Pacific Gateway Exchange, Inc. (PGEX) posted third quarter earnings of $5.7 million, or 29 cents per diluted share, compared with $3.3 million, or 17 cents a diluted share, for the same period last year. Analysts surveyed by First Call had forecast earnings of 28 cents per share.
Nordstrom Inc. (NOBE) beat Wall Street estimates by a penny in the third quarter. The retailer posted a $38.7 million or 27-cent per share profit, above last year's $36.1 million or 23 cents per share.
Pennzoil Co. (PZL) said it will pay $6.75 million to settle a purported class action suit alleging racially discriminatory employment practices against African-American workers.
Goldman Sachs banking analyst Robert Albertson Wednesday reiterated Chase Manhattan Corp.'s (CMB) list rating and $83, 12-month price target. Chase's total non-interest income base could total 55.8 percent of revenues in 1999, according to Albert.
Finally, the Semiconductor Industry Association reported that the worldwide market for semiconductors will rise 9.1 percent to $133.4 billion next year. This follows a sluggish 1998 when the Asian economic crisis and overcapacity dragged down the industry. 
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