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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (436747)	11/25/2008 3:48:27 PM
From: tejek	Read Replies (1) \| Respond to of 1574711

Cisco plans shutdown for late December Tech giant to shutter operations for a week to save on costs By Dan Gallagher, MarketWatch Last update: 3:35 p.m. EST Nov. 25, 2008 SAN FRANCISCO (MarketWatch) -- Cisco Systems Inc. reportedly plans to shut down its U.S. and Canadian operations for the last week of December as part of a larger move to reduce costs by as much as $1 billion over the next year. The move comes as the economy slips into a recession, which has caused several analysts to slash their forecasts for the technology industry in 2009. Cisco's planned shutdown was first reported Tuesday morning in a report by Nikos Theodosopoulos, analyst with UBS. The Wall Street Journal later ran a story on its Web site citing a spokesman for Cisco who confirmed the plan. A spokesman for Cisco could not be immediately reached for comment. According to the UBS report, Cisco will close its offices for four days in the final week of the year. The shutdown is part of a broader plan to cut about $1 billion in operating expenses for the 2009 fiscal year, which ends in July. "We believe it is prudent for Cisco's management team to plan for cushion in the event of weaker than expected revenues," Theodosopoulos wrote. "We note [calendar year] 2009 visibility is quite low, in our view." Shares of Cisco were trading down 5% at $15.57 in the final hour of trading Tuesday. Dan Gallagher is MarketWatch's technology editor, based in San Francisco.