10/24/02
Terra Networks SA's TerraLycos said it has laid off 174 U.S.
employees, or 21% of its U.S. staff, due to efficiencies created
by the October 2000 merger of Lycos with Spanish company Terra Networks.
The company said the layoffs would be accompanied by a paring down
of some content areas to focus on services like its search engine,
Lycos Finance, Matchmaker.com and music.
10/24/02
Inktomi Corp. posted a much wider fiscal fourth-quarter net
loss due to a $101.7 million asset-impairment charge. About 85 positions
will be eliminated during the latest round of job cuts.
10/24/02
JDS Uniphase Corp. posted a narrower fiscal first-quarter
loss but lowered revenue forecasts for the current quarter and said
it would eliminate a number of jobs because of continued slow demand
for fiber-optic communications components.
10/24/02
In one of the largest furloughs ever for an American corporation,
more than half of BellSouth's 80,000 workers have agreed
to take a week off without pay by the end of the year, the company
revealed Tuesday. The workers responded to the Atlanta telecommunications
giant's request to help the company save money.
10/24/02
Kodak plans to cut up to 1,700 jobs as part of a continuing
effort to lower costs, the company said. Its third-quarter profit
surged to $334 million while sales remained slow.
10/24/02
US Airways Group Inc., signaling a step needed to emerge
from bankruptcy-court protection, said it must excise a further
$100 million to $300 million a year from its expenses. The company
told creditors rising fuel prices and the industry's dismal outlook
necessitate further trimming. US Airways said it hopes to achieve
some of the savings through continuing negotiations on aircraft
lease rates with some of its lessors, whom it wouldn't identify.
In theory, the carrier also could shrink its jet fleet further --
to 245 planes from the 279 it expects to operate next month -- a
move that would likely prompt additional layoffs.
10/22/02
Credit Suisse First Boston's stock-research department was
hit hard by job cuts. As part of its plans to dismiss between 5%
and 7% of its staff, or 1,750 workers, the securities company has
fired nearly 20% of its research department, or about 100 people.
Many of the staff released, a person familiar with the matter said,
worked on the West Coast, where most of the analysts who covered
the technology sector are located. Among the most high-profile workers
let go was Tom Galvin, one of Wall Street's most bullish equity
strategists.
10/22/02
International Business Machines Corp. will close its hard-disk-drive
unit in Hungary. The spokesman said the Armonk, N.Y., computer-services
and hardware giant assured the government in a letter that the sole
reason for closing the factory -- known as IBM Storage Products
KF --is weak world-wide demand for its products, and not investment
conditions in Hungary or the quality of its work force. The plant
is expected to close Nov. 30, resulting in the dismissal of 3,700
employees.
10/21/02
United Airlines announced 1,250 job cuts with more to come
as it faces a critical week trying to obtain loan guarantees from
the government and employee wage concessions to avoid bankruptcy.
10/21/02
Napster won emergency approval of a loan to fund expenses while
the Chapter 11 debtor negotiates a sale of substantially all of its
assets for $5 million in cash.
10/21/02
Texas Instruments, the largest maker of chips used in cell
phones, posted earnings Monday that fell short of estimates and announced
plans to cut 500 jobs.