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Reuters: Sun Shares Tumble, Wall St Seeks Deeper Cost Cuts

Oct 01, 2003, 22:00 (7 Talkback[s])
(Other stories by Duncan Martell)


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[ Thanks to Matt for this link. ]

"Shares in Sun Microsystems Inc. tumbled by nearly 15 percent on Tuesday, driven lower by a surprise financial warning a day earlier that prompted analysts to question whether the company has done enough to cut costs and jobs.

"Late in the day, Moody's downgraded Sun's debt, taking its rating down to the lowest investment grade, and said it could downgrade the debt again...

"Hurting Sun further, high-tech customers are increasingly turning to the Linux operating system, which is free to users and based on open source code, rather than the Unix operating system that runs on most of Sun's machines, analysts said..."

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