White Electronic Design ( WEDC) 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.