Compaq to axe 5,000 jobs

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Houston--Compaq Computer Corp. announced it will fire 5,000 employees, or 7% of its staff. The news comes as Compaq, the biggest PC maker, said it expects profits of 12 to 14 cents a share for the first quarter. Analysts had expected 19 cents, the same as in the year-earlier quarter. Compaq joins rival Dell Computer Corp. in announcing job cuts.
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