Economy's strong & gettin' stronger update: Intel to cut 1,000 managers

[Human Torch]

Reports: Intel to cut 1,000 managers
Silicon Valley/San Jose Business Journal - 2:08 PM PDT Thursday

http://www.bizjournals.com/sanjose/stories/2006/07/10/daily61.html?f=et79&hbx=e_du

Intel Corp. plans to eliminate 1,000 management jobs in a cost-cutting move, according to reports. Associated Press said Thursday the jobs would be cut worldwide throughout Santa Clara-based Intel (NASDAQ:INTC) facilities.

The company didn't say how much money it hoped to save with the cuts or provide other details.

The jobs cuts fall far short of analysts' projections that Intel will slash between 10,000 and 15,000 from its work force of about 100,000.

The company's stock dropped 16 cents to close at $17.72 on Thursday. Intel shares have lost 28 percent of their value this year.