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ConocoPhillips (CON) Stock Tumbles on WorkForce Cut

NEW YORK (TheStreet) -- Shares of ConocoPhillips (COP) are dipping by 0.66% to $40.78 ion Friday morning, after the Houston-based shale producer announced it will be laying off 6% of its workforce - or about 1,000 employees - this year, the Wall Street Journal reports.

The cuts will mostly be focused in U.S. and Canadian energy jobs. Recently, ConocoPhillips decreased its capital activities and completed several projects, which caused the company to have additional organizational capacity than necessary, a company spokesperson told the...