Intersecting Minds: Education, Business and Technology at the North Carolina State Jenkins Graduate School of Management

Thursday Morning Quick Hits | February 26, 2009

President Obama is scheduled to make remarks this morning on his first proposed budget. Details include an additional $750B of aid to the financial industry, and a deficit pegged at $1.75T for the year. Obama has pledged to cut that number in half by 2012.

General Motors continues to struggle as they reported a greater than expected $9.6B loss this quarter. The company managed to burn through more than $5B of cash and is expected to ask for more bailout money from the government.

The unemployment crisis continues as jobless claims hit a new record… again, topping 667,000 new applicants. Continuing recipients topped 5M for the first time in history as well.

Apple’s board is coming under fire from shareholders about withholding information regarding the health of Steve Jobs.

In the tech world, Salesforce crossed $1B of revenues for the year, while also posting quarterly net income of $13.7M. This is the first time a company based solely on web applications has reached that threshold.

The Dow fell yesterday, following Obama’s non-State of the Union, State of the Union, but has opened this session up despite the tough job numbers and the announcement from GM.

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