Qantas job cuts don't move stock price

SYDNEY, July 19 (UPI) -- An announcement that Qantas Airlines will cut 1,500 jobs did not surprise Australian investors because its stock price barely moved, analysts said.

The Australian carrier announced Friday it also is canceling plans to add 1,200 workers as part of its strategy to cope with rising fuel prices. Those moves were in addition to retiring 22 older planes and closing two overseas call centers, The Australian reported Saturday.

But the stock market apparently had already factored the job cuts and other moves into Qantas' stock price since it closed unchanged at $3.20.

"I think this is … much ado about nothing as far as the market goes," JPMorgan analyst Matt Crowe told the newspaper.