SANTA CLARA, Calif.
Slumping Intel to jettison more than 5,000 jobs in 2014
Intel plans to trim more than 5,000 jobs from its workforce this year in an effort to boost its earnings amid waning demand for its personal computer chips.
The Santa Clara, Calif., company confirmed the job cuts Friday, the day after Intel Corp. reported its profit and revenue had fallen for the second consecutive year.
The purge represents about 5 percent of the nearly 108,000 jobs that Intel had on its payroll at the end of December. An Intel spokesman says the company intends to jettison the jobs without laying off workers.
FDA approves blood test that detects infants’ disabilities
The Food and Drug Administration on Friday cleared a first-of-its-kind blood test – CytoScan Dx Assay – that can help diagnose mental disabilities in babies by analyzing their genetic code.
The laboratory test from Affymetrix detects variations in patients’ chromosomes that are linked to Down syndrome, DiGeorge syndrome and other developmental disorders. About 2 to 3 percent of U.S. children have some sort of intellectual disability, according to the National Institutes of Health.
Morgan Stanley reports legal costs of $1.2 billion; stock rises
Morgan Stanley says its earnings fell in the fourth quarter as the bank was hit by legal costs related to mortgage-backed securities. Its revenue and adjusted earnings came in better than analysts were expecting, however, sending Morgan Stanley’s stock price up 3 percent in early trading Friday.
Morgan Stanley reported legal expenses of $1.2 billion related to mortgage-backed securities lawsuits and investigations for the quarter.
U.S. banks are still dealing with the fallout of the financial crisis more than half a decade after it began.
– From news service reports