On Air Now

Listen

Listen Live Now » 98.5 FM Battle Creek, Michigan

Weather

Current Conditions(Battle Creek,MI 49017)

More Weather »
70° Feels Like: 70°
Wind: WSW 6 mph Past 24 hrs - Precip: 0.9”
Current Radar for Zip

Today

AM Thunderstorms 79°

Tonight

Mostly Clear 61°

Tomorrow

Sunny 81°

Alerts

Acer shares tumble by daily limit after CEO resigns, job cuts

A shop attendant sits in an Acer booth in a computer mall in Taipei March 19, 2013. REUTERS/Pichi Chuang
A shop attendant sits in an Acer booth in a computer mall in Taipei March 19, 2013. REUTERS/Pichi Chuang

TAIPEI (Reuters) - Shares of Acer Inc fell by their daily limit on Wednesday after the company announced a restructuring plan with a new chief executive and a 7 percent reduction of its workforce after a worse-than-expected quarterly loss.

Acer shares opened down 6.9 percent, the maximum allowed in a session, at T$16.9, in a broader market that was up 0.2 percent.

Citi cut Acer's target price to T$13 after the announcement, saying the restructuring efforts could not change the PC company's outlook structurally, but reducing operating expenses through headcount reduction could buy time for management to reposition its business model.

(Reporting by Clare Jim; Editing by Chris Gallagher)

Comments