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

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Covad Communications Group


fell 4.4% at the start of after-hours


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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.