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Technology Stocks : Nortel Networks (NT)
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To: hari t who started this subject8/19/2004 10:59:36 AM
From: John Hayman  Read Replies (3) of 14638
 
Standard & Poor's maintained a "hold" rating on Notel Networks (nyse: NT - news - people ) but cut the earnings outlook. S&P said Nortel's first-half preliminary earnings of 1 cent per share, excluding special items, were below the research firm's estimate for earnings of 5 cents per share. Sales of $5.1 billion "were slightly above our forecast but operating costs grew faster," S&P said. Nortel plans to cut as many as 3,500 employees, or 10% of its total force, by year end and sees annual cost savings of $300 million to $400 million in 2005, S&P said. But the firm cut the 2004 earnings estimate to 4 cents per share from 17 cents, and cut the 2005 estimate to 13 cents from 22 cents. "Priced near peers, we would hold Nortel," S&P said.
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