What is the sentiment of this news? Please choose an answer from {strong negative/moderately negative/mildly negative/neutral/mildly positive/moderately positive/strong positive}.

Intel (NASDAQ: INTC ) layoffs are reportedly in the works as the company prepares to reduce its headcount due to slowing PC demand. According to a recent report out of Oregon, the chip company is preparing to announce layoffs in the near future.
moderately negative