Reported about 5 hours ago
Microchip Technology's shares fell over 3% following the announcement of its $1.35 billion convertible stock offering, closing at $52.79 after a previous gain. The company plans to use the proceeds to cover capped call transactions and to reduce existing debt. Additionally, Microchip announced job cuts of around 2,000, representing about 9% of its workforce, in response to excess inventory and falling demand from vehicle manufacturers.
Source: YAHOO