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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (36462)	3/16/2002 8:36:09 PM
From: Johnny Canuck	Read Replies (1) of 68064

10:00AM Telecom layoffs up 42% in Jan, Feb by Maggie McNeil Layoffs in the slumping telecommunications sector during the first two months of 2002 have exceeded last year's blistering pace, Challenger, Gray & Christmas said on Thursday. The outplacement firm said the industry has already announced 60,691 job cuts, 42 percent higher than in the first two months of 2001. Verizon, SBC Communications and Avaya are among those that have already said they're reducing their workforce. Overall, telecom layoffs account for 71 percent of all high-tech job cuts announced this year, the firm said. "Overcapacity, a glut of competitors and a lack of capital spending by companies on new networking and telecommunications equipment are making it difficult for even the strongest companies to avoid the turmoil," said John A. Challenger, chief executive of Challenger, Gray & Christmas.

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