Seagate rallies on (3000) job cuts; Comverse up on results

[UpInArms]

http://www.investors.com/breakingnews.asp?journalid=21469084&brk=1

SAN FRANCISCO (CBS.MW) - Seagate shares rallied in late trading Wednesday after the computer disk-drive maker said it would cut nearly 3,000 workers in an effort to ease expenses.

<snip>

Seagate Technology (STX) rose just fractionally in extended action after the Scotts Valley, Calif.-based company said it will take a fourth- quarter charge of $50 million and trim its workforce as part of a cost- cutting plan

The company said its current fourth quarter shows its normal demand trends but did not give any new earnings or revenue forecasts. See full story.

Analysts surveyed by Thomson First Call expect Seagate to lose, on average, between 4 cents and 5 cents a share on revenue of $1.38 billion.

...more (but it's about Comverse)...

[0rganism]

1. Fantastic. Cut 3000 jobs to give the investors a nice fat bonus

No shame whatsoever.

[mhr]

2. The Charts, The Horror, The Charts, The Horror, The Charts, The Horror!

eom

[Ernesto]

3. Reminds me of the Wall Street Journal castigating

Costco for treating it's employees better than (yuck) walmart. It seems that the WSJ thinks profits would be better if Costco had slaves instead of employees.

[ParanoidPat]

4. Seagate was a great company to work for a few years ago.....

.....back when Al Shugart ran the place. We had great medical coverage, a nice stock plan that allowed employees to invest up to 10% of our pay into the plan and get a discount on the stock, they even paid to send my wife and kids to stay with me in Ireland for a few months while I was there setting up robotic assembly lines in a new plant. Back then (Before 2000) we had 110,000 people worldwide. Now I believe they're down to less than 40,000. :(