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Strategies & Market Trends : The Amateur Traders Corner

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To: KaiserSosze who wrote (8500)	4/20/2001 3:07:32 PM
From: Tom Hua	Read Replies (1) of 19633

``With absolutely no visibility and possible losses for the year plus negative comments about its long-haul optical business, Nortel has no reason to appreciate at all in the near term,'' wrote Epoch Partners analyst Seth Spalding in a research note. ``We could see some more downside before we see improvement. While Nortel is suffering mostly from an industry-wide epidemic, we recommend that investors wait until the stock gets closer to our $8-$10 valuation before thinking about stepping in.'' Nortel rivals such as Cisco Systems Inc. (NasdaqNM:CSCO - news) and Lucent Technologies Inc. (NYSE:LU - news) have also announced warnings and job cuts amid a slowdown in spending and tight capital supply for its carrier customers. Nortel said on Thursday that it will cut another 5,000 jobs, bring the staffing cuts to 20,000, or about 23 percent of its employees, by mid-year to bring costs in line with sales. The staff reduction will save $2 billion in annual costs. Robertson Stephens analyst Paul Silverstein, who took a sharp knife to his Nortel earnings estimates, cited widespread market weakness and no meaningful hints on the timing of a recovery. biz.yahoo.com

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