Word: nortel
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...much for the rally. Wednesday, the Dow and NASDAQ hit the skids all over again on three bad earnings tidings: Communications-equipment maker Nortel warned that losses will widen beyond expectations in the current quarter. Disney announced plans to cut 4,000 jobs. And Palm said it will lose money in the first quarter - this after Wall Street dared to expect a profit from the hand-held computer king. Is this a case of one step forward, two steps back - or the other way around? TIME personal finance columnist and Wall Street guru Dan Kadlec explains...
...victim of the race to wire the U.S. with the speed-of-light data pipes known as broadband. And now it has company in its misery, as broadband carnage has spread from phone companies like AT&T and WorldCom to fiber makers like Corning to optical-systems builders like Nortel Networks to components makers like JDS Uniphase and networking companies like Cisco Systems...
...results have been plunging profits, mass layoffs and imploding stock values for companies that had been NASDAQ supernovas and among the chief reasons for the stock market's rise. At BlueStone Capital Securities, an index of 13 fiber-optic heavyweights that includes Lucent, Cisco, Nortel and JDS Uniphase has fallen 78% since last July, a plunge that has cost investors more than $1.1 trillion in market value. The percentage decline exceeds the drop for NASDAQ as a whole, which fell 51% over the same stretch...
Investors who see those falling stock prices and think "bargain" should think again. Few industry leaders expect business conditions to improve much this year. Phone companies "are really conserving their capital because of the severe downturn in the economy," says Clarence Chandran, Nortel's chief operating officer. Nortel is a one-company bear market. The world's No. 1 producer of fiber-optic systems, Nortel accelerated the industry's slide and NASDAQ's sell-off last month by abruptly slashing its 2001 forecasts and declaring that it would idle 10,000 employees, or nearly 10% of its work force...
...voice-portal specialists don't have the lucrative receiver to themselves. A host of techies, from wireless software players like Openwave and Infospace to voice infrastructure start-ups like Telera, TalkTwo, NetByTel and Voci, as well as equipment providers like Lucent and Nortel, are picking up the same lines. "Our 800 number is just a continuous, live beta test," says Amol Joshi, co-founder of BeVocal, a Silicon Valley start-up that partnered with Qwest Wireless to launch its own portal. "We want to be the 'Intel inside' for phone companies...