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

To: StanX Long who wrote (60391)	2/13/2002 12:37:31 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Nortel Says Customers Are Spending Less Than Expected (Update7) By Justin Baer 02/12 16:09 quote.bloomberg.com New York, Feb. 12 (Bloomberg) -- Nortel Networks Corp., the second-biggest North American maker of phone equipment, said customers bought less gear than expected in the past month, raising investor doubt that demand will recover anytime soon. Chief Executive Officer Frank Dunn told investors and analysts at a conference in New York that meeting the company's forecast for a 10 percent drop in first-quarter sales from $3.46 billion in the fourth period is going to be ``challenging.'' Nortel shares fell 6 percent, helping drag down rivals such as Lucent Technologies Inc., its bigger competitor. Lucent had predicted a pickup in sales this quarter from the previous three months. Nortel's forecast suggests the drop in spending by phone and Internet companies may not have hit bottom, some analysts said. ``There's not a single (phone-equipment) sales rep out there that is positive, that figures, `Yeah, I can make my quota,''' said David Smyth, an analyst with WWW Funds, which manages $25 million and sold its Nortel stake last year. ``It's a nasty area to invest in right now.''