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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: DaYooper who wrote (63414)	1/22/2000 1:07:00 PM
From: Jenne	Read Replies (1) \| Respond to of 152472

Qualcomm to Take Second-Quarter Charge for Firing Workers In Phone Unit By Erik Schatzker Qualcomm Plans 2nd-Qtr Charge for Firing Workers in Phone Unit San Diego, Jan. 21 (Bloomberg) -- Qualcomm Inc., the best performer in the Standard & Poor's 500 Index last year, said it will take a fiscal second-quarter charge for firing hundreds of workers at the phone-making unit it's selling to Kyocera Corp. Qualcomm, which developed the code-division multiple access, or CDMA, wireless standard, agreed last month to sell the money- losing unit. It will disclose the size of the charge Tuesday when it reports its first-quarter earnings, spokeswoman Christine Trimble said. The company is firing employees that weren't selected by Japan's Kyocera to remain with the unit, which designs and makes cellular phones. Trimble declined to discuss how many jobs are being cut, other than to say it's ''several hundred'' and less than 1,000. Most of the cuts are being made at Qualcomm Personal Electronics, a joint venture with Sony Corp., while others are coming at Consumer Products, the division that made phones under the Qualcomm label. Qualcomm will form a new division with those employees who remain in Consumer Products and contract them out to Kyocera for as long as three years. After the cuts and job transfers to Kyocera, Qualcomm will have about 7,000 employees. The company, which now makes chips and collects royalties from other companies' use of CDMA, had about 9,000 before the sale. The cuts were reported earlier by the San Diego Union- Tribune. Shares of San Diego-based Qualcomm fell 11/16 to 154 15/16 on the Nasdaq Stock Market. The stock surged more than 27-fold last year, though it's fallen about 12 percent this month