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News Scan
News Scan: Sept. 20, 2002 NEW YORK - Business, technology and wealth news: Ciena To Cut Workforce By 17%, Take Charge Ciena became the latest telecommunications equipment maker to be hit by customer spending cutbacks, saying it will cut about 17% of its workforce in its struggle to become profitable. The optical network equipment maker said it would eliminate 450 jobs. Qualcomm Shares Jump On Chip Outlook Shares of Qualcomm jumped as much as 9% after the wireless technology company raised its guidance for cell-phone chip shipments in its fourth quarter, citing strong demand. Ex-Tyco Chairman Kozlowski Posts $10 Million Bail Dennis Kozlowski, charged with looting $600 million from Tyco when he was the conglomerate's chairman, posted $10 million in bail with money from his ex-wife. U.S. Gov't Saw $54.71 Billion Budget Gap In August While the U.S. government ran a smaller budget gap in August than in the same month a year ago, the year-to-date deficit climbed over $200 billion with one month left in the fiscal year. U.S. Judge Certifies Nationwide Tobacco Class Action A federal judge certified a lawsuit being brought against the tobacco industry as a nationwide, punitive damage class action. Just Two Groups Vying For Vivendi Publishing, Sources Say Two private equity groups are set to slug it out for Vivendi Universal's publishing business, but likely at a lower price than first projected, people close to the deal say. S&P Affirms Japan Ratings But Gloomy On Future Standard & Poor's criticized the Japanese central bank's recent decision to buy the stock holdings of ailing banks, but said it was affirming Japan's sovereign debt rating for now. BEA And Hewlett-Packard Team Up Against IBM Hewlett-Packard said it would bundle BEA Systems' flagship software product WebLogic on its best-known line of high-end computers, stepping up their alliance to do battle against a common foe, IBM. Eli Lilly Taking Stake In Amylin, Drug Pact Set Drugmaker Eli Lilly will acquire a stake in tiny biotechnology company Amylin Pharmaceuticals as part of a pact to give Amylin the marketing muscle it needs to sell a new diabetes drug. Duke Cuts 2002 Earnings Estimate, Warns On 2003 U.S. power giant Duke Energy cut its 2002 earnings estimate and said it would take a third-quarter charge for deferring construction of three power plants due to depressed conditions in the nonregulated power sector. Earlier headlines Alcatel To Ax 20,000 More; Slashes Sales View Italian President: Fiat's Agnelli 'In His Usual Form' Shimura Named National Steel Chair, CEO 'Network Issue' Freezes Merc Trade For Two Hours London Exchange Breaks Record: $5B Trades In 20 Minutes NASD To Charge Salomon, Grubman With Fraud News items can be submitted to Gregory Levine at glevine@forbes.net or by calling him at (212) 366-8851.
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Market data provided by Reuters. Disclaimer Stock quotes are delayed at least 15 minutes for Nasdaq, at least 20 minutes for NYSE/AMEX. U.S. indexes are delayed at least 15 minutes with the exception of S&P; 500 which is real-time. Forbes 40 Index powered by Telemet. News may include latest headlines from Reuters. |
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