American Superconductor cuts jobs and expenses
Texas Ranger says raid vindicated American Superconductor Corp. said Thursday that it has cut its workforce by about 30 percent, or 150 jobs, and its yearly expenses by about $30 million, citing expectations that it will post a ``significant loss'' for the fiscal quarter that just ended.
US consumers cut their spending in November and orders for costly manufactured goods slumped again, while claims for jobless aid last week hit a 26-year high as a year-old recession tightened its grip.