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Flextronics (FLEX) was up 6.3% in midmorning after it posted fourth-quarter earnings Tuesday of 22 cents a share, below analysts' estimates of 24 cents but up from 17 cents in the year-earlier period.

The contract electronics manufacturer said it was cutting capacity by 15% and reducing its workforce by 10%, or roughly 6,500 jobs, primarily in North America.

Flextronics forecast revenue for the coming quarters to be roughly in line with the current quarter.