White Electronic Down as it Cuts Salaries

White Electronic Design (WEDC Quote) was down 16.2% in midafternoon hitting a 52-week low of $2.93. The maker of memory components said it will cut wages because customers cancelled $2.5 million worth of orders in the last four to six weeks.

Mangers will see a 10% salary cut and workers will get a 5% cut. The move is designed to avoid layoffs.

White also said the order situation will have a negative effect on second-quarter results, which are due out May 2.