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}.
Text: 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.
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moderately negative
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