Reuters: Technology News: Acer shares tumble by daily limit after CEO resigns, job cuts

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Acer shares tumble by daily limit after CEO resigns, job cuts Nov 6th 2013, 01:17 Tweet Share this Email Print Reprints Related Topics Tech » Hot Stocks » Asian Markets » A shop attendant sits in an Acer booth in a computer mall in Taipei March 19, 2013. Credit: Reuters/Pichi Chuang TAIPEI | Tue Nov 5, 2013 8:17pm EST TAIPEI (Reuters) - Shares of Acer Inc fell by their daily limit on Wednesday after the company announced a restructuring plan with a new chief executive and a 7 percent reduction of its workforce after a worse-than-expected quarterly loss. Acer shares opened down 6.9 percent, the maximum allowed in a session, at T$16.9, in a broader market that was up 0.2 percent. Citi cut Acer's target price to T$13 after the announcement, saying the restructuring efforts could not change the PC company's outlook structurally, but reducing operating expenses through headcount reduction could buy time for management to reposition its business model. (Reporting by Clare Jim; Editing by Chris Gallagher) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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