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Applied Materials (AMAT) -1.4% AH after announcing it will cut 900-1,300 jobs (6%-9% of its...

Applied Materials (AMAT) -1.4% AH after announcing it will cut 900-1,300 jobs (6%-9% of its workforce) as part of a restructuring that will last until the July '13 quarter. Applied expects to achieve annual cost savings of $140M-$190M and record pre-tax restructuring charges of $180M-$230M. The move comes at a time when Applied's orders are plunging, and chip equipment forecasts remain bleak.
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