Halliburton: Internal Memo And Sources Warn Up To 20,000 Layoffs Coming
Dallas Salazar
SeekingAlpha.com
Sep. 24, 2015
Summary
Two days ago, my network provided me access to an internal Halliburton memo detailing layoffs coming over the next two weeks.
I’ve since come to find out that the layoffs could number into the 20,000 range and that Houston area layoffs could be starting as early as today.
Because the triggering event for these layoffs is still unknown, but could be stemming from potentially concerning developments, I recommend a hold or an avoid of Halliburton shares.
Two days ago, my oil and natural gas contact network allowed me access to an internal Halliburton (NYSE:HAL) document that was sent out by Halliburton President Jeff Miller to the company-wide employee base.
This internal memo summarized the commodity pricing downturn driven structural pressures that the company is under as well as cost reduction measures HAL would take to help remedy some of the structural stress pressing down on its share price. Of course, Halliburton is also in the midst of acquiring Baker Hughes (NYSE:BHI), which has provided its own equity pressure addition in the form of short selling coming from parties doubting the success of the transaction, as well as those hedging the merger spread.
The Rest…HERE
