Thursday, January 13, 2005

Woes Run On at CY

Things worsened for Cypress Semiconductor when they announced Thursday not one but two pieces of bad news--one, they're cutting more jobs and two, the 4Q loss they were getting ready to post will be larger than expected. said earlier today that
The company plans a restructuring that will include the merging of its timing technology division and personal communication division into a "market-oriented consumer and computation division." It will also reduce its workforce at a factory in Minnesota, close a computer-aided design center in Texas, and reduce "the number of layers of management in the company.
Cypress' stock was decimated last year after a cascade of shitty earning revelations--apparently, their inventory buildup infected more divisions than first assumed. I'm just glad I didn't buy it after a colleage of mine said BUY.

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