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Cisco Announces Hiring Freeze; Plans $1B Cost Cuts

November 11, 2008

Tweet San Jose-based Cisco Systems (CSCO: 23.21 +0.78%) announced today that it intends to trim $1B from its expenditures and also freeze hiring. The cost cuts will come from limiting travel, events, and relocations. Cisco was one of the more active tenants in the North San Jose/Milpitas submarket over the past two years, and is […]

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Postal Service Considering Layoffs; First Time in History

November 10, 2008

Tweet Talk of United States Postal Service layoffs is gaining steam. For the first time in history, the postal service is considering cuts of up to 6% of its 685,000 employee workforce. Normally the Postal Service would just raise stamp prices to cover deficits, but perhaps that avenue is no longer an option? In September […]

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DHL Killing US Ops; Bad News For ProLogis

November 10, 2008

Tweet DHL announced today that it is terminating its US domestic operations, and along with it 9500 jobs. Deutsche Post, which owns DHL, announced it is halting all domestic US ground and air operations after mounting losses. DHL has already cut some 5,000 jobs this year, and this announcement will cut a further 9500, bringing […]

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Nortel Announces Plans to Terminate 1300 Jobs

November 10, 2008

Tweet Nortel Networks (NT: 0.00 N/A) announced its plans to terminate some 1300 jobs through next year. Nortel’s stock has dropped over 90% over the past year. This most recent quarter saw them taking significant amounts of write-offs and forecasting slower growth and lower profit. Norton has a presence in Santa Clara at 4655 Great […]

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Silicon Valley Layoff Announcements

November 5, 2008

Tweet Another day….and another set of layoff announcements around the valley. The latest companies to announce layoffs are: LinkedIn – Mountain View, CA 10%, or 36 employees AMD – Sunnyvale, CA 3%, or 500 employees cuts to be global Cadence – San Jose, CA 12%, or 625 employees Intersil – San Jose, CA 9%, or […]

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Google Scraps Yahoo Partnership

November 5, 2008

Tweet After months of working to overcome anti-trust issues, Yahoo (YHOO: 36.38 +0.08%) and Google (GOOG: 536.10 -3.67%) have called off their “strategic partnership” that would have Google selling ads on Yahoo web properties. Yahoo struck this partnership in a move following it fighting off Microsoft, which earlier this year offered $33-36 per share for […]

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Layoffs at Dash Navigation of Sunnyvale

November 4, 2008

Tweet Though not a large company, Sunnyvale-based Dash Navigation has laid off 2/3 of its staff (about 50 employees) in a move which is indicative of what is happening with many Silicon Valley startups. Trying to get in front of the curve, both startups and well established Silicon Valley companies are either halting growth or […]

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Circuit City Announces 155-Store Closure; Palo Alto and Fremont Stores Included

November 3, 2008

Tweet After weeks of speculation, Richmond, Virginia-based Circuit City (CC: 0.00 N/A) today announced it will be closing 155 stores in an effort to shore up its balance sheet. It will also seek to renegotiate its leases on the remaining 550 stores it will have. The company is closing stores which averaged $9M in annual […]

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Symantec Announces Layoffs; 5% Cut Expected

November 1, 2008

Tweet Symantec (SYMC: 20.71 +0.15%) is the latest Silicon Valley company to announce layoffs. The Cupertino based software company missed its 3rd quarter earnings and revenue numbers, set the expectation for lower numbers going forward, and announced its intention to scale back headcount expenses by 4.5%. We have heard that the actual cuts at Symantec […]

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Tesla Motors Needs a Charge; No FDIC Insurance

October 31, 2008

Tweet Since signing a deal in September with the City of San Jose to build a car factory in North San Jose (which I was critical of), Tesla last week announced that it will be laying off an unknown number of employees, putting its plans for the North San Jose factory on hold, and closing […]

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