Tagged: manufacturing

There’s a phenomenon that happens sometimes after a major stock market crash which is known by the ghastly name, “Dead Cat Bounce.”  We saw a lot of that back in the fall of 2008.

The Dow Jones averages would plunge 500 one day. The next day, they’d recover, say, 50 points, before falling even further later in the week. What was that brief rally all about? Well, it wasn’t about any real improvement in the market.

During a prolonged downturn, the averages sometimes rise briefly for a number of reasons; profit-takers who move in because they think a particular stock has fallen too far, for example.

Steelcase doesn’t manufacture much office furniture in West Michigan anymore, but it still has about 3,000 employees here. They gathered for the birthday celebration at the Grand Rapids headquarters for cake and a balloon drop.

Energy Conversion Devices, Inc., a technology company based in Auburn Hills, Michigan filed for Chapter 11 bankruptcy protection today.

The company makes thin laminates that convert sunlight to energy and "has manufacturing facilities in Auburn Hills and Greenville, Michigan, as well as sites in Mexico and Canada," according to the Wall Street Journal.

Michael Schostak, the director of business development at Energy Conversion Devices, was quoted in the WSJ saying the company intends to find a buyer in the reorganization process.

From the WSJ: