Shares of Global Crossing Ltd. today hit an all-time low, dropping nearly 8 percent to as low as $3.65 a share before rebounding slightly.
The telecommunications company’s stock has fallen some 90 percent from its 52-week high of $37.75. Last month the company detailed a series of job cuts and consolidation efforts expected to reduce employment worldwide.
The company expects the cuts to reduce its annualized operating expenses by approximately $160 million to $170 million and to save some $70 million through year-end 2001.
The local job reductions are expected to total some 100.
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