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Politics : Formerly About Applied Materials

AMAT 259.21

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Dec 12 9:30 AM EST

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To: StanX Long who wrote (63621)	5/10/2002 12:45:39 AM
From: StanX Long	Read Replies (1) of 70976

IBM declines comment on job cut reports host.wallstreetcity.com SAN FRANCISCO, May 09, 2002 (AFX-UK via COMTEX) -- International Business Machines Corp has declined to comment on reports the company is looking to lay off as much as 10 pct of its US workforce. "We don't comment on rumour and speculation," IBM spokesperson Carol Makovich told AFX News. According to reports citing union representatives at the computer giant, IBM could lay off up to 10 pct of its 160,000 US employees. Late last month, IBM's new chief executive, Samuel Palmisano, delivered a gloomy outlook for technology spending to employees and suggested there will have to be cost-cutting by the firm to adjust to the sluggishness In his speech, Palmisano said IBM would have to "pare back" its operations. Shares in IBM have fallen sharply over the last month as Wall Street has grown increasingly pessimistic over the company's prospects in what continues to be a weak high-tech market.

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