Intel Takes Ax to Management
Intel (INTC) is laying off about 1,000 managers -- representing about 1% of its workforce -- worldwide as part of a previously announced restructuring program, the company said on Thursday.
The job cuts will begin immediately and will happen over the next few days, company spokesman Chuck Mulloy said. The layoffs are being done to reduce costs and to "improve decision making," he said.
Mulloy declined to say how big a charge the company would take for the layoffs or how much Intel expects to save over time as a result of them.
The chipmaking behemoth plans to release second-quarter earnings next week, he said. The outlook the company will provide then for coming periods will reflect the benefits of the job cuts, he said.The move marks one of the first steps -- and the first round of job cuts -- of a
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV