CUseeMe Networks Drops 15.6% by Midafternoon on Layoffs

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CUseeMe Networks

(CUSM)

was down 15.6% in midafternoon following the announcement that it would cut 36 positions or 22% of its workforce. The communications software company said the job cuts would save about $2.5 million a year and it plans to take a fourth-quarter charge of less than $500,000.