Countrywide reported third-quarter profit rose 2 percent, less...

Countrywide reported third-quarter profit rose 2 percent, less than analysts expected, as demand for home loans slumped. The company's shares surged higher on plans to lay off more than 2,500 employees and buy back up to $2.5 billion of stock, and as higher profits in other units, including Countrywide Bank, cushioned the mortgage decline. It seems the street just can’t get enough bad news. CFC rallied 5% as investors warmly welcomed news of more layoffs. CFC is already talking about the 2008 recovery. It's never too early to do that. “By 2008, surviving players will be positioned for ‘one hell of a year’” said CEO Angelo Mozilo. Ford lost $5.8 billion, or $3.08 per share, during the 3rd quarter this year. Sales fell 10% to $36.7 billion. Excluding special charges, Ford posted a loss from continuing operations of $1.2 billion or 62 cents per share. Last year during the same period, Ford posted a net loss of $284 million, or 15 cents per share. Ford has now lost $7.2 billion for the year. 3Q output was down 11% vs. 17% drop in overall North American sales and a 25% drop in F-series pickups. The company plans 4Q North American output cuts of 21%.Ford called those results “clearly unacceptable”. Shares of Ford are also up since the announcement. Yes those results are “unacceptable” but what is Ford doing about it? Ford’s “Way Forward” plan, calls for eliminating 44,000 hourly and salaried jobs, closing 16 factories and making other changes by 2012. Part of the “Way Forward” is to Kill Taurus and along with it a lot of jobs at US assembly plantsTo be sure there have been some earnings successes with Apple and Google and others, but in the end how many jobs are those companies going to be able to provide to make up for housing and manufacturing related losses? People need jobs to be able to afford their McMansions, not just any jobs but good jobs. Is tech the savior? I think not. A Challenger Report shows IT job cuts up sharply in Q3.