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To: GraceZ who wrote (197594)	10/15/2002 2:50:01 PM
From: maceng2	Respond to of 436258

I'm looking forward to buying all my miners I unloaded. Maybe January could be a good month. Maybe if this "ramp from nowhere" fails, I might be buying them back before then. I'm in no rush though. This market usually gives you at least two bites of the apple on every significant move. Simple question. Are jobs still being lost? My answer is yes. Therefore confidence is going to be lost and equity markets will suffer, Fed sprung rallies aside. timesonline.co.uk ARM cuts staff as market downturn bites By PA News ARM Holdings, the microchip designer, warned today it would reduce its workforce by 10 per cent as the market downturn continues to bite. ARM, based in Cambridge, said the difficult medium term outlook had forced it to sanction a reduction in its 800-strong headcount. The announcement comes just a fortnight after ARM said it had no immediate plans for job cuts despite the hefty profits warning it issued at the same time. Warren East, chief executive, said the cutbacks, equivalent to around 80 people, took staff numbers back to the level seen a year ago. He added: "By taking decisive action to reduce our employee costs now, we will be better positioned to benefit from any improvement in market conditions." Shares, which tumbled 60 per cent after the profits warning two weeks ago, fell another 12 per cent following the update. ARM licenses products used in items including printers, mobile phones and digital cameras, but it has seen business partners increasingly delay investment. That prompted the former FTSE 100 firm to warn over profits after 18 consecutive quarters of meeting market expectations. Today, figures for the three months to September 30 met those revised forecasts with pre-tax profits down 38 per cent on a year earlier at £8 million and revenues 11 per cent lower at £33.3 million. It also repeated that revenues would be "flattish for the foreseeable future" and that it would continue to take a cautious view about prospects. The company said: "It is our current view that, unless industry conditions improve, the timing of closure of licensing deals with our partners will continue to be affected." The job losses announced today are likely to be completed by the end of the year, with savings of £5 million a year expected. /edit. Coincidence? I think NOT So whats the explanation here?. That hedge funds were buying miners on huge margin positions?? Silly Billies -g- Gold is going to zero, it's only safe for J6P's to buy -g-