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Technology Stocks : MRV Communications (MRVC) opinions?
MRVC 9.975-0.1%Aug 15 5:00 PM EST
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To: signist who wrote (33371)6/15/2001 8:23:55 AM
From: James Calladine  Read Replies (1) of 42804
 
MORE NT (from Briefing)

<<<08:07 ET Nortel Networks (NT) 10.60: -- Update -- Stock at 9.25 pre-market; conference call begins at 8:30 ET: 888-656-8983.

07:46 ET Nortel Fallout : Many stocks being affected by the NT bloodbath; competitors/comparables: LU -0.25, CSCO -0.5, JNPR -1.5, CIEN -1.8. Suppliers: JDSU -2.2 (also warned), GLW -0.8, PMCS -1, AMCC -0.3, VTSS -0.7. No indications on EMS cos: ACTM, SANM.

07:32 ET Nortel Networks (NT) 10.60: -- Update -- Stock falls 15% in pre-market trading to $9.00.

07:15 ET Nortel Networks (NT) 10.60: -- Update -- NT planning approx. 10,000 additional job cuts. Company plans to discontinue access solutions operations (as well as its membership interest in Arris Interactive and investment in Elastic Networks), which accounted for 6.9% of revenues in Q1. Expects to take a $12.3 bln charge in Q2.

07:11 ET Nortel Networks (NT) 10.60: -- Update -- Company sees Q2 revenues from continuing operations of ops of approx. $4.5 bln and a net loss of approx. $0.48 (consensus -$0.05).

07:08 ET Nortel Networks (NT) 10.60: -- Update -- Company discontinue the future payment of common share dividends.

07:04 ET Nortel Networks (NT) 10.60: Company taking down Q2 numbers and announcing additional job cuts. Nasdaq futures sliding on the news.>>>

Namaste!

Jim
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