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Covad Communications Group Slides on News of Job Cuts

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Covad Communications Group

(COVD)

was down 5.8% in preopen

Island

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trading. After Monday's close, the high-speed Internet company said it would cut its workforce by 400, or 13%, and take a fourth-quarter charge for severance and other cost reductions. The company expects to lower costs by 20% to 30% in 2001.