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Paul Jacobs, chief executive of telecom superstar Qualcomm, told Bloomberg News today (Nov. 12) that the company has stopped hiring following a "dramatic drop" in chip orders from mobile phone makers. The company has also eliminated some research projects. Last year, Qualcomm increased its workforce by 20 percent in response to promising prospects and positive feedback from customers. The stock fell 7.1 percent today to $32.57 at the close of trading. The overall market was down sharply, and techs were hit hard. The stock has declined 17 percent this year.

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Comments

Anon92107 Nov. 14, 2008 @ 2:01 p.m.

It is incredibly sad that one of the greatest corporations in the world is cutting back solely due to the fact the Republican Party has totally failed to protect American Democracy and American Capitalism for eight straight years.

The root cause is that the leaders of the Republican Party are responsible for all the worst problems in America that we are overwhelmed with today.

And it is not surprising that this problem also exists in San Diego after sixteen straight years of failed leadership by three consecutive republican mayors who have bankrupt San Diego.

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Don Bauder Nov. 23, 2008 @ 11:37 a.m.

Response to post #1: The Republicans do deserve most of the blame for the current meltdown, but Democrats have contributed, too. Best, Don Bauder

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