Toshiba Says Chip Slump Will Erase Profit

P-Com Inc., a maker of network-access systems for wireless communications, said it will cut about 120 jobs, or 10% of its work force, and reduce pay for senior managers by 10%, to cut costs as sales in Asia slide. Campbell, Calif.-based P-Com expects to report an unspecified charge in the third quarter as a result of the job cuts.