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Windstream to shed 170 jobs to cut costs
SAN FRANCSICO (MarketWatch) -- Windstream Corp. said Thursday it is shedding 170 jobs, or about 2% of its workforce, to reduce costs. The company plans to complete the cuts in the first quarter of 2009, and will take a $6 million charge in the fourth quarter for severance benefits. Windstream currently has about 7,400 employees.

Constellation Energy to cut 8% of workforce: report
SAN FRANCISCO (MarketWatch) -- Constellation Energy Group will cut about 8% of its workforce, or about 800 jobs, mostly in its commodities trading group, Reuters reported Thursday. The cuts are intended to reduce the company's commodity trading risk, a Constellation spokesman told Reuters. Constellation currently has competing bids to be acquired by Electricite de France and Berkshire Hathaway's [s:brkb] MidAmerican Energy Holdings.

House to hold oversight hearing on bank bailout next week
WASHINGTON (MarketWatch) -- Treasury officials will be summoned to a House hearing next Wednesday to answer for how they've run the $700 billion Troubled Asset Relief Program, the House Financial Services Committee announced Thursday. Rep. Barney Frank, D-Mass., chairman of the committee, has been highly critical of the Treasury's handling of the TARP. On Tuesday, the Government Accountability Office said the Treasury had no way of knowing if the banks were using the money properly. No witnesses for the hearing have been announced yet.

Wells Fargo sells $6 billion in FDIC-backed debt
NEW YORK (MarketWatch) -- Wells Fargo became the latest bank to tap the Federal Deposit Insurance Corp's guarantee program to issue $6 billion in debt. Of that, $3 billion is fixed-rate debt maturing in 2011 that came at a yield of 3.04%, according to a filing with the Securities and Exchange Commission late Wednesday. The other half was sold as floating-rate debt carrying roughly the same yield. Wells Fargo tapped the FDIC's program, which allows financial institutions to issue debt backed by the full faith and credit of the United States. It offers them a dramatically lower cost of borrowing in the hopes that it will enable them to lend more - and at better rates - to consumers and businesses. Banks have issued around $37 billion in debt under the program in the last week, according to Bank of America.

Prudential Financial forecasts 2008, 2009 earnings
SAN FRANCISCO (MarketWatch) -- Prudential Financial Inc. said Thursday that it estimates adjusted 2009 earnings of $5.25 to $5.65 a share. The company also forecast adjusted 2008 earnings of $3.35 to $3.55 a share. Shares of Prudential rose 5.4% to $21.65 in recent trading.

Starbucks warns won't hit Wall Street earnings target
SAN FRANCISCO (MarketWatch) -- Starbucks Chief Financial Officer Troy Alstead said Thursday the coffee-shop chain is facing deteriorating comparable store-sales and the company won't meet Wall Street's profit target for the current quarter of 21 cents a share. Speaking to analysts in New York, Alstead didn't indicate what Starbucks will earn for the December quarter. He said sales at stores open at least one year have fallen 9% since the quarter began Sept. 29. While store traffic had perked up in October, sales weakened in November, he explained. The CFO said it was "too early" to predict fiscal first-quarter sales. And he said it wouldn't be "prudent" to give full-year profit targets. Starbucks did tell analysts it plans to cut an additional $200 million in costs over the next year, raising its expense-plan cuts to $400 million. Starbucks shares rose almost 2% to $8.78 in midday trading.