Procter & Gamble: A Safe Bet?
Procter & Gamble (PG) shares closed just a $1.36 off their 52-week high Monday at $69.63. In mid-November, the consumer-goods company held an upbeat analyst meeting (aren't they all upbeat?) and hedge fund managers have been gobbling up shares since.
Wall Street turned positive on the shares after management promised to focus on its most profitable lines of business, its fastest growing markets and to slash expenses. Previously, the company announced plans to cut 10% of its non-manufacturing workforce, or 5,700 jobs, by the end of June, and keep cutting between 2% and 4% of its workforce through 2016. Management also planned to save $10 billion in cost of goods sold by 2016. It also announced that it now expects to buy back $4 billion to $6 billion of its shares. Previously it forecast $4 billion....283 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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