Hewlett-Packard Co. may cut thousands of jobs in the first large-scale restructuring by its new chief executive officer, Mark Hurd, according to published reports. Hurd, who took the helm at HP in March following the removal of Carly Fiorina, has said he would take steps to reduce costs at the Palo Alto, California, company.
Mike Volpi, who as chief strategy officer was responsible for Cisco's 23 acquisitions last year, said the networking giant would be more focused with its purchases. "Instead of making 50 bets, we're honing down into key markets and getting out of some others," he said, adding that the company would announce "a small number" of purchases this year.
Shares of Lucent Technologies Inc. (LU) fell steadily Friday morning on the New York Stock Exchange after a report in The Wall Street Journal said that the U.S. Securities and Exchange Commission (SEC) is investigating the once soaring networking company for possible fraudulent accounting practices.