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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (53834)	9/25/2000 4:52:51 PM
From: Original Mad Dog	Read Replies (2) \| Respond to of 63513

I seem to recall someone on this thread cautioning me and others a few days back not to buy LU because there may be one more piece of bad news yet to come out ...... dailynews.yahoo.com Monday September 25 3:47 PM ET Lucent Hits New Low Amid Rumors on McGinn, Results NEW YORK (Reuters) - Lucent Technologies Inc. shares hit a two-year low on Monday as market rumors resurfaced the telecommunications equipment maker may miss its profit and revenue targets for the fiscal fourth quarter and its chairman may be forced to resign, analysts and traders said. In heavy trading on the New York Stock Exchange (news - web sites). Lucent's stock lost $1-1/8 to $30-11/6, a price not seen since October, 1998. Lucent's stock has lost nearly 59 percent so far this year. ``The word is that they are going to miss the quarter and that (Lucent Chairman Rich) McGinn is on the street and they've hired (executive search firm) Korn Ferry to find a replacement,'' said one industry analyst who declined to be named. Lucent declined to comment. Korn Ferry did not immediately return calls seeking comment. The rumors underscored the pressure Murray Hill, N.J.-based Lucent faces as it attempts to rebuild investors' confidence, catch up to rivals in the booming optical networking industry and restructure its operations. ``There's tremendous pressure on Lucent, and McGinn, in particular. If they have a good quarter, he gets a reprieve. He has a quarter-by-quarter lease on life. If they miss the quarter, he won't be there for the (earnings) conference call,'' said another analyst who declined to be named. Lucent stock has been weak since January when the company said it had been unable to manufacture new-generation networking products fast enough to keep up with robust customer demand. Lucent admitted it failed to gauge customers' quick shift toward high-speed fiber optic products and it fell behind rivals such as Nortel Networks Corp. (NYSE:NT - news)(Toronto:NT.TO - news) Catching up has been more difficult and time-consuming than Lucent planned, forcing the company to trim its growth outlook twice this year. In July, the company said its fourth-quarter pro forma earnings per share would grow only about 15 percent and revenues would increase 15 percent, below Lucent's previous forecast of 20 percent growth. Wall Street expects Lucent to post ongoing pro forma earnings of 27 cents a share, compared with 25 cents a share a year ago, according to research firm First Call/Thomson Financial.