Read-Rite Cuts

Read-Rite Corp., the No. 1 maker of recording heads used in computer disk drives, said it will cut 2,500 employees, or 14% of its work force, as it reported a second-quarter loss that was more than double what analysts had forecast. The Milpitas, Calif.-based company lost $19.4 million, or 39 cents a share. Revenue was up 10% to $206.2 million. Most of the job cuts will come in Asia. Read-Rite fell 31 cents to close at $6 on Nasdaq.