This is the part I simply don't understand, as though, by chance, the sales managers dropped and and guess what, we found out that my big predictions are all wrong - so sorry.
I don't buy it. Of course they knew. If they didn't, they're incompetent.
fact that JDS was taken unawares makes my heart sink - costly litigation going nowhere for years is an unpalatable option. I would think that sticking it to JDS was thoroughly discussed at Nortel before the deal was signed with JDS and Roth, who has always struck me as brilliant albeit arrogant, must be fairly sure he can muscle this through. Its a very poor show indeed on his part.
This is the part that worries me. Were they caught unawares? Or did they know and raise the price of Zurich to compensate for what they knew would be a big drop? Buying anything for shares is always a matter of relative cost. It's known as funny-money. However, if they didn't know, then there's foul play. And that's far from funny.
On the brighter side, I look at Ciena's success and some of the predictions for carrier spending going forward [posted a week or so ago], and I'm not totally disheartened. NT's biggest hole in the hull may be due to AT&T and if that's the case, it's not exactly news. I talked to an engineer in Ottawa today and he said he thinks the biggest part of their reduced earnings is circuit-switched related. If that's the case, then we'll see some stability when weak minds figure it out. (Strong ones already have and have doubled their doses of "God grant me patience" medicine.)
I honestly don't know when to start adding. If anyone has any wisdom, I'm ready to listen.
Pat |
