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 SAN FRANCISCO (AP) - Sun Microsystems Inc. shares fell nearly 4 percent Thursday, a day after CEO Jonathan Schwartz announced a plan to shave up to $590 million in annual costs with as many as 5,000 job cuts.
The strategy doesn't call for Sun to have an operating profit of until the quarter ending in June of 2007, and even then, it's about what analysts had expected. It was Schwartz's first major strategy shift announcement since taking the reins five weeks ago,
Investors — who for years have complained Sun hasn't been aggressive enough in cutting costs — sent Sun shares down 18 cents, or 3.9 percent, to $4.45 in morning trading on the Nasdaq Stock Market.
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