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NetApp (NTAP) Stock Lower Amid Layoffs

NEW YORK (TheStreet) -- Shares of NetApp (NTAP) were retreating on heavy trading volume Friday afternoon as the data storage company will reduce its workforce by roughly 6% as part of continued cost cuts.

The layoffs will occur through the end of the fiscal 2017 fourth quarter, according to a SEC filing.

NetApp expects the cuts to result in charges between $50 million and $60 million, mostly in the fiscal 2017 third...