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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"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..."