I see JDSU hitting new lows next week, low 30's if its lucky. I see a low of $25 before summer as well. The entire fiber optics sector hasnt seen anything yet. 2001 is a total wreck. oh well, we needed a good 2 year bear since the last was 1974. Shorts are celebrating. In fact, the more Bullcrap that comes from this silicon link, (jdsu/sdli) the more selloffs are the order of the season. I just do the opposite of what i read from Mudge, T2, and others and im guarented to make money going short. Yuor my best and most reliable indicator.
Nortel Networks (NT: news, msgs) warned that revenue and earnings will fall short of previous forecasts in 2001 due to a more severe slowdown in U.S. economic growth than the company had anticipated.
The Toronto-based fiber-optics and networking gear maker slashed its forecast for first-quarter revenue to $6.3 billion from an earlier estimate of $8.1 billion, and said it would have a loss of about 4 cents a share in the quarter, compared with its previous forecast of a 16 cent profit.
The company said it sees revenue growth at 15 percent in 2001, down from an earlier estimate of 30 percent, while earnings for the full year are seen growing at a pace of 10 percent.
Nortel said it would cut up to 10,000 jobs during the year, which includes the 4,000 job losses already announced. Read full story.
Nortel shares slid to $22.74 in third market trading after closing up 20 cents, or 0.7 percent, at $29.75. |
