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Technology Stocks : Semi Equipment Analysis

SOXX 314.52

-0.6%

Dec 11 4:00 PM EST

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From: Donald Wennerstrom	3/20/2009 12:11:23 AM
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March 19, 2009, 6:11 pm Lam Research Cuts Staff By 10%; 375 Jobs Eliminated Posted by Eric Savitz Lam Research (LRCX) this afternoon disclosed in an SEC filing that is reducing its workforce by 375 positions, or about 10% of its worldwide staff. About 225 of those jobs are in North America. The cuts are expected to be completed by the end of the June quarter. The plan is intended to cut costs $85 million to 495 million on an annualized basis, the semiconductor equipment provider said. Lam also said it will prepay the entire $237.5 million outstanding on its long-term debt from ABN Amro in the March quarter. The bulk of the loan wasn’t due until March 2010. In late trading, LRCX is up a penny at $24.51.

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