Covad Communications (COVD) will reduce its nationwide work force by 13% in order to cut operating costs by 20% to 30% in 2001.
The broadband services provider, which is based in Santa Clara, Calif., said it will cut about 400 jobs on all levels throughout the U.S. and halt construction on its third operations facility in Alpharetta, Ga. Covad expects to record an unspecified charge in the fourth quarter ending Dec. 31 to cover the costs of severance arrangements and cost reduction actions. Analysts polled by First Call/Thomson Financial expect the company to report a loss of $1.33 for the fourth quarter, a loss of $4.17 for the full year and a loss of $5.46 for 2001. Shares of Covad were halted after the market closed Monday at $2.72 in Nasdaq trading. After resuming, Covad was quoted at $3.13 on the Island ECN. The 52-week high is $66.63.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
|
|
DOWN
89.23 |
DOWN
9.31 |
DOWN
23.35 |
DOWN
0.78 |
10 Yr
1.97%
SPDR Gold
167.14
|
|
-0.69%
|
-0.69%
|
-0.80%
|
-3.81%
|
Data delayed 20 minutes |
Connect with TheStreet