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To: geewiz who wrote (75175)3/4/2001 1:57:38 PM
From: patron_anejo_por_favor  Respond to of 436258
 
Rather surprising that they didn't mention Lucent in that (NY Times) article. As the Nortel warnings abundantly indicate, legacy telephony is quickly becoming a fossil. They've lost ground rapidly on their competitors in optical networking. They very nearly failed to roll over their short term paper last week, and they've been raiding their balance sheet to make their earnings number for years. A tidy little debt bomb, all in all. Their only saving grace is that they may have enough patents and "intellectual capital" to be attractive as a takeover in the mid single digits.

Disclosure: No position on LU.



To: geewiz who wrote (75175)3/5/2001 12:18:29 PM
From: pater tenebrarum  Respond to of 436258
 
i keep pointing this out...last year, while the boom was still intact, junk bond default rates were already running near record levels, at a percentage normally associated with recessions. it follows that an economic downturn will produce extra-ordinary amounts of defaults.


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