Molex Falls on Job Cuts - TheStreet

Molex Falls on Job Cuts

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Molex (MOLX) was down 5.7% in mid afternoon. After the close Thursday the electronic components manufacturer said it will cut its staff by 8%, close three plants and take a $42 million charge. The company said demand has been weak.

Credit Suisse First Boston

lowered its earnings estimates for the company.

Merill Lynch

downgraded it and another electronics maker,

Amphenol

(APH) - Get Report

, to mid-term neutral from accumulate. Amphenol was down 5.2%.