Johnson & Johnson to cut 4,800 jobs

Johnson & Johnson to cut 4,800 jobs

TRENTON, N.J. -- Johnson & Johnson said Tuesday it would reduce its global work force by up to 4 percent, or up to 4,820 jobs, to cut costs due to a slump in sales of its heart stents and its No. 2 drug, plus coming patent expirations for key drugs. The health-care company employs about 120,500 people in 57 countries. the New Brunswick, N.J.-based maker of contraceptives, contact lenses, prescription drugs and baby products still expects to meet its 2007 profit targets.

Midwest Air agrees to discuss merger

NEW YORK -- Midwest Air Group Inc. said Tuesday it planned to begin talks with would-be acquirer AirTran Holdings Inc. and other potential buyers. For months, Midwest -- a budget airline based in Milwaukee -- steadfastly opposed a hostile offer by rival AirTran, saying it had more value if it remained independent. But its resistance weakened last month when shareholders elected three board members nominated by AirTran.

Sun Microsystems share value surges

SAN FRANCISCO -- Shares of Sun Microsystems Inc. jumped more than 4 percent Tuesday, a day after the server and software maker posted its third profitable quarter in a row and showed it has made substantial progress from its long-lasting, brutal downturn. Sun's shares rose 21 cents, or 4.3 percent, to $5.10 Tuesday. Sun's fiscal fourth-quarter results were bolstered by lower expenses and increased adoption of its open-source operating system.

Sirius satellite gains listeners

NEW YORK -- Sirius Satellite Radio on Tuesday said its net loss slimmed substantially in the second quarter, as it added more than a half-million new subscribers and revenue grew by about 50 percent. New York-based Sirius reported a net loss of $134.1 million, or 9 cents per share, compared with a loss of $237.8 million, or 17 cents per share, a year earlier.