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Technology Stocks : Intel Corporation (INTC)

INTC 37.51

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3:58 PM EST

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To: milo_morai who wrote (127979)	2/21/2001 2:09:41 AM
From: milo_morai	of 186894

February 20, 2001-Cooling economy forces Intel to announce cutbacks - In the tech world, things are tough all over. Intel announced it is joining other companies in an industry wide belt tightening. As a result of the cooling economy, an Intel spokesperson announced today that the company will delay raises, cut back on hiring and slash spending. the company hopes to save hundreds of millions of dollars. Currently, no layoffs are planned. The company will limit hiring, and plans to cut back on other jobs through attrition. Budgets for research and development and capital spending will stay unchanged, but discretionary spending, such as overtime and travel expenses will be reduced by 30 percent. The budget for research and development and capital spending will stay unchanged, but discretionary spending, such as overtime and travel expenses will be reduced by 30 percent. Perhaps the least anticipated part of Intel's cost savings plan is the decision to delay raises. Springtime raises have been delayed until October, when company officials hope to see the economy bounce back and technology spending to increase. katu.com Milo

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