The company also will shut down a mobile-phone factory in Romania and plans to consider the future of handset plants in Finland, Hungary and Mexico. These cuts come on top of 4,000 job cuts, mostly in research and development, that Nokia announced in April.
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The company is now focusing on competing with Asian competitors -- as well as investing in its network-equipment venture with Siemens(SI). Nokia will pour €500 million into the venture, Nokia Siemens Networks, which has reportedly been unprofitable for every quarter but once since April 2007. Reebok is also trending. So many customers were unhappy with the lack of results from their Reebok EasyTones, which the company claims can substantially strengthen leg, thigh and buttock muscles, that the Federal Trade Commission has stepped in. Reebok must pay $25 million in customer refunds after the FTC charged the company with false advertising. The company must also re-think its advertising strategy, as it is now barred from making claims about the toning capabilities of the sneakers without scientific evidence. Controversy has surrounded toning shoes for some time, but this marks the first time the FTC has intervened. Google(GOOG) is another hot trend with the rumored arrival of the Ice Cream Sandwich, the next version of Google's Android mobile operating system. With Apple's(AAPL) upcoming iPhone event on Oct. 4, many expect the Ice Cream Sandwich will be released in the next month or two. On Wednesday, Google invited press to an event on Oct. 11, to see "what's new from Android." Rumors are swirling that Samsung and Google will unveil the Nexus Prime device, which will be powered by Android 4.0 Ice Cream Sandwich, at the event. The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move..
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