Power One: PWER (new S&P 500 member)leader of the Powercosm Message Board

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Technology Stocks : Power One: PWER (new S&P 500 member)leader of the Powercosm

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To: powerchip who wrote (19)	3/28/2001 9:40:08 AM
From: powerchip	Read Replies (1) of 35

Report: Cisco to Cut 5% of Staff By Betsy Riley Staff Reporter 3/9/01 7:38 AM ET Cisco Systems (CSCO:Nasdaq - news) is adding to the ranks of the unemployed, cutting 5% of its staff, according to a report from Reuters. The networking giant will reportedly make the cuts in the coming weeks to adjust for a sharp downturn in business, according to the report, which cites a "source close to the company." The layoffs will affect the company's full-time employees. Cisco already announced a hiring freeze and a reduction in contract workers. Cisco already announced when it cut its revenue forecast on Feb. 6 that it was making efforts to cut costs. Thursday, chipmaking heavyweight Intel (INTC:Nasdaq - news) announced its was cutting 5,000 jobs and that its first-quarter revenue would fall about 25%.

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