Consistent with these efforts and in view of market conditions, we are implementing a 20 percent reduction in salary compensation for Micron senior executives, while we continue to diligently work through our business planning process to ensure the competitiveness and long-term success of the company."
Shares of Qimonda, which has its headquarters in Munich, Germany, were down 48 cents, or 32%, at $1 in midday trading Monday. Infineon Technologies(IFX Quote - Cramer on IFX - Stock Picks), which owns 77% of Qimonda, was down $1.82, or 25%, at $5.40.
QI going down the tubes as Micron can't finance the deal. It would be on the cheap though at these prices.