KIT Digital REDUCING Workforce and 2 Morning Hot Stocks Buzzing Now

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According to Nvidia (NASDAQ:NVDA), its head of mobile, Mike Rayfield, quit the company last month. Engadget credits Rayfield with significant achievement for Nvidia in handheld devices, particularly by making “the  Tegra name synonymous with fast Android phones and tablets like the One X and Nexus 7.” Competitors would probably welcome Rayfield with open arms.

Wells Fargo (NYSE:WFC) and JPMorgan (NYSE:JPM), responsible for almost half of new loans, are relocating thousands of staff into processing mortgage origination but are still finding it difficult to cope, according to a report in the Financial Times, which cites analysts. This could be an unexpected roadblock to the Fed’s grand plan to cut mortgage costs, as limited staff would make it difficult to process increased business.

End-to-end video management software and services provider KIT Digital (NASDAQ:KITD), which counts Google (NASDAQ:GOOG), H-P, Disney-ABC and the BBC among its clients, embarks on a major cost cutting drive that would save $40 million a year by reducing workforce numbers by 22 percent.

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