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Technology Stocks : Energy Conversion Devices
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To: Krowbar who wrote (5933)2/20/2001 3:37:15 PM
From: Futurist  Read Replies (1) of 8393
 
Not great news for us. Nothing specific about R&D spending, but, clearly, this is a company that is not in a positive frame of mind.

Intel to Slash Spending
Amid Slowdown in Demand

By MOLLY WILLIAMS
Staff Reporter of THE WALL STREET JOURNAL

SANTA CLARA, Calif. -- Intel Corp. said it is instituting cost-cutting
measures to save "hundreds of millions" of dollars this year, as the
company faces a slowdown in demand for its chips.

Intel said it plans to reduce its employees through normal attrition and
it is filling only "critical positions." The company also plans to cut
discretionary spending, which includes travel and overtime, by 30%.

Intel said it is deferring raises for all senior managers until at least
October. All other employees will receive half their raises now and the
other half will be reviewed in October. Intel also said it is suspending
its program of offering home PCs for salaried employees until Jan. 1,
2002.
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