Trader J's Inner Circle Message Board

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Strategies & Market Trends : Trader J's Inner Circle

NVDA 186.49

-0.6%

Dec 31 3:59 PM EST

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To: Trader J who wrote (6634)	1/29/1999 9:49:00 AM
From: MMK	Read Replies (2) of 56535

(S) PSFT Bad news... PSFT to cut 450 jobs on loser earnings PeopleSoft (PSFT) is eliminating 430 jobs and redeploying another 100 employees to enable it to hire more staff to support its e-business program as well as other initiatives. The company also reported 1998 net income of $0.55 per share that included a one-time research and development write-off of $13.9 million. -- PRNewswire PeopleSoft (PSFT) posted a fourth-quarter profit of 16 cents a share, excluding write-offs of in-process research and development, a penny below analysts' consensus estimate compiled by First Call. Revenue, however, rose to $364.2 million from $260.6 million. The business software provider said it plans to cut its work force by 6 percent, with 90 percent of that coming in North America, redeploying 100 employees to new strategic areas and eliminating 430 others. Shares fell 1/4 to close at 22 7/16 in anticipation of the news. See Software Report cbs.marketwatch.com nearing its 52 week low... May not be much to play here for awhile? Opinions? MMK

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