Anadigics Down as it Announces Job Cuts

By TSC Staff ,

Anadigics (ANAD) was down 1.2% in early afternoon trading, off its low for the morning of $17.40.

The maker of radio frequency chips for wireless communications said it will cut its workforce by 10% in the second quarter and post charges up to $37 million, including a $33 million to $35 million charge for the writedown of impaired assets.

Anadigics employs about 650 people.

The company said second-quarter revenue estimates remained unchanged at about $18.5 million.

The stock was halted for about a half hour prior to the announcement and was resumed at 11:35 a.m. (EST).

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