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April 27, 1999 | Bloomberg News
Read-Rite Corp., the No. 1 maker of recording heads used in computer disk drives, said it will cut 2,500 employees, or 14% of its work force, as it reported a second-quarter loss that was more than double what analysts had forecast. The Milpitas, Calif.-based company lost $19.4 million, or 39 cents a share. Revenue was up 10% to $206.2 million. Most of the job cuts will come in Asia. Read-Rite fell 31 cents to close at $6 on Nasdaq.
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BUSINESS
April 27, 1999 | Bloomberg News
Read-Rite Corp., the No. 1 maker of recording heads used in computer disk drives, said it will cut 2,500 employees, or 14% of its work force, as it reported a second-quarter loss that was more than double what analysts had forecast. The Milpitas, Calif.-based company lost $19.4 million, or 39 cents a share. Revenue was up 10% to $206.2 million. Most of the job cuts will come in Asia. Read-Rite fell 31 cents to close at $6 on Nasdaq.
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BUSINESS
March 8, 1997 | From Bloomberg News
Applied Magnetics Corp. said Friday that it won't raise its $1.23-billion hostile offer for larger rival Read-Rite Corp. That could kill the transaction, because many Read-Rite shareholders are likely to reject the current terms of the stock-swap offer as too low, analysts said. "It probably means there's no deal," said analyst Barry Bosak of Smith Barney. Applied Magnetics, based in Goleta, Calif., is hoping that its stock price will increase, boosting the value of the deal.
BUSINESS
March 8, 1997 | From Bloomberg News
Applied Magnetics Corp. said Friday that it won't raise its $1.23-billion hostile offer for larger rival Read-Rite Corp. That could kill the transaction, because many Read-Rite shareholders are likely to reject the current terms of the stock-swap offer as too low, analysts said. "It probably means there's no deal," said analyst Barry Bosak of Smith Barney. Applied Magnetics, based in Goleta, Calif., is hoping that its stock price will increase, boosting the value of the deal.
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