Trading in Covad Halted After-Hours as It Announces Job Cuts

Author:
Publish date:

Covad Communications Group

(COVD)

fell 4.4% at the start of after-hours

Island

trading after losing 5.4% in the regular session. The high-speed Internet company said it would cut its workforce by 400 people, 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.