Covad Communications Group Slides on News of Job Cuts

Author:
Publish date:

Covad Communications Group

(COVD)

was down 5.8% in preopen

Island

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.