MEMO: TWO FIRMS ANNOUNCE MORE JOB CUTS

Two companies recently announced large jobs cuts.

Compaq Computer Corp. will cut 5,000 jobs, about 7 percent of its work force. Compaq, which has 67,000 employees worldwide, reduced its first-quarter earnings outlook to 12 cents to 14 cents per share, down from the expected 18 cents per share for the three months ended March 31.

H.J. Heinz plans to eliminate 1,900 jobs, or about 4 percent of its global work force, with most of the cuts coming in its struggling tuna and pet food operations.

The company behind StarKist tuna and 9-Lives pet food as well as its famous flagship ketchup announced the job reduction plans last week, as earnings rose only slightly in its third fiscal quarter from a year ago.

A tuna processing plant in Mayaguez, Puerto Rico, will be closed, eliminating 1,300 jobs by the end of April, and 325 positions will be lost with the closing of a pet food canning operation at Terminal Island, Calif.

Other jobs will be lost or consolidated throughout the company, which employs 47,900 people worldwide.