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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (38652)	10/24/2000 6:22:45 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 70976

NT now down 18 in AHT after revising downward their guidance. CSCO, JDSU all down sharply AH. Could this finally be the capitulation we need? Nortel Plunges After Forecasting 2001 Growth Pullback By Scott Moritz Senior Writer 10/24/00 5:24 PM ET Updated from 4:32 p.m. EDT: Shares in networking-equipment giant Nortel (NT:NYSE - news) plunged after hours Tuesday after the company forecast a slowdown in its earnings and revenue growth next year. After slipping $3.62, or 5.4%, during regular trading to close at $63.31, Nortel slid to $51.50 in after-hours trading on Island ECN. Nortel also reported stronger-than-expected third-quarter earnings and ratcheted up fourth-quarter earnings estimates Tuesday. Third-quarter earnings jumped to 18 cents a share, excluding certain items, from 11 cents a year ago. Revenue jumped 42% to $7.31 billion in the latest quarter. Nortel said it expected to report earnings and revenue growth for 2000 in the low 40% range. The company had forecast high-30%-range earnings growth, but analysts had expected Nortel to raise its targets, as strong sales growth continues in the optical networking-equipment business Nortel dominates. Nortel said it expects earnings and revenue growth for 2001 to slow to around 30%-35%.