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Strategies & Market Trends : 2002 Canadian Stock-Picking Challenge
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To: quasi-geezer who wrote (39)9/11/2002 9:06:31 AM
From: Al Collard   of 1590
 
NT-t...in the news:

Globe/Reuters say Merrill cuts Nortel cash outlook

The Globe and Mail reports in its Wednesday, Sept. 11, edition that a
Merrill Lynch Canada study says Nortel Networks' cash cushion at the end of
2003 will have significantly less padding after the firm pays for staff
cuts and discontinued operations. A Reuters News Agency dispatch to The
Globe reports that Merrill analyst Tom Astle slashed his forecast for
Nortel's projected cash position at the close of 2003 to $992-million from
$2-billion (all figures U.S.). The revision comes after factoring in higher
costs for Nortel's latest round of job cuts. Previous estimates were based
on calculations of $60,000 in costs per employee, but that increased to
$90,000 because this round of cuts affects more senior staff, the analyst
wrote. Mr. Astle trimmed his estimate for Nortel's cash position at the end
of 2002 to $2.66-billion from $3-billion. He estimates Nortel will take a
cash charge of $589-million in 2002 to cover layoffs and discontinued
operations, and will take another $1.1-billion charge in 2003. Mr. Astle
said cash levels at Nortel should be carefully monitored, but he suggested
the company has adequate liquidity, at least until the end of 2003.
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