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Apple freezes R&D monies

Apple Computer has put a freeze on most monies set aside for research and development while the beleaguered company continues reorganization plans.

In the wake of a 52-week low for Apple Computer shares, the Cupertino, California, company has frozen most of the money set aside for research and development, according to a New York Times report.

In addition, company officials plan to present to the board of directors in two weeks further plans for restructuring the company.

To make matters worse, Standard & Poor announced a downgrading of the company's debt rating, a change that will make it more costly for Apple to take on debt.

As the deal to merge with Sun Microsystems appeared to be permanently snagged, Apple officials reportedly have sought bids from other companies, including IBM and Motorola.