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Microchip Hunkers Down for Tough Times

Stock quotes in this article: MCHP , TXN , ISIL  

Microchip Technology(MCHP Quote) boosted its bottom line 26% in the third quarter but said it was taking various steps to help it weather a souring business climate.

The Chandler, Ariz., chipmaker said it will shut down its factories for two weeks in order to reduce its inventory and said that it would implement "reductions in discretionary and variable costs."

Sales in the current quarter will be down between 8% and 16% sequentially, which translates to a range of $226.5 million and $248.1 million. ...

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