Market Currents

• Thursday, March 12, 2009

• 12:51 PM Sources say Nortel (NT, NRTLQ.PK) is shopping its two biggest units, and is finding a suprising amount of interest. "What we are finding is that there may be a lot more value by selling rather than emerging," the source says. Possible buyers: Avaya, Nokia Siemens (NOK, SI), and Siemens (SI). Comment!

• Wednesday, January 14, 2009

• 13:38 PM Flextronics (FLEX -12%) tumbles on its exposure to Nortel (NT). Savitz has the nitty gritty. Comment!
• 08:39 AM Nortel's (NT) major lenders include JP Morgan (JPM) and Citigroup (C). Its bankruptcy filing will likely see what was once Canada's great corporate success story broken up and sold to foreign rivals. 1 Comment
• 08:35 AM Nortel (NT) files for Chapter 11 bankruptcy protection. Shares -75% to $0.08 premarket. Comment!

• Wednesday, December 10, 2008

• 09:05 AM Why Nortel's (NT) troubles are bad news for Motorola (MOT) and Alcatel-Lucent (ALU). Comment!
• 08:51 AM Nortel (NT) has sought outside advice about bankruptcy court protection just in case its restructuring plan is unsuccessful, although a filing is not imminent. Canada's poster stock, once worth $250B, is now worth a paltry $275M. Shares -15% premarket. Comment!

• Monday, November 10, 2008

• 09:43 AM Despite CEO Mike Zafirovski's talk of a 'simpler and leaner' Nortel (NT), today's announced job cuts and cost-savings only add up to about $400M/year. "While one might wish otherwise," Tom Bemis writes, "it seems likely that more and deeper cost savings will be needed." Comment!
• 06:58 AM Nortel (NT): Q3 EPS of -$0.30 in-line. Revenue of $2.32B (-14.3%) in-line. Sees full-year revenue and operating margin at the low end of previously announced ranges. Shares -3.3% in Frankfurt. (PR) Comment!
• 00:05 AM Notable earnings before Monday's open: ACAS, ALD, AOB, DISH, ENER, FNM, FTR, GLG, ISIS, NT, SIX, SRE, SUG, TSN Comment!

• Wednesday, September 17, 2008

• 06:55 AM Nortel (NT) warns carriers are cutting back on and deferring capital spending more than the equipment maker previously expected. It now sees Q3 revenue of $2.3B, short of the $2.65B consensus. Comment!

• Friday, August 1, 2008

• 09:20 AM Pre-market losers: ELN -44% BIIB -23% (bad Tysabri news). RNWK -10% JAVA -9% NT -9% GM -8% OSK -8% NYX -5% (earnings). SGP -7% (FDA letter). Comment!
• 07:41 AM Nortel (NT): Q2 EPS of -$0.23 vs. consensus of -$0.04 (?). Revenue of $2.62B (+2.3%) vs. $2.5B. Shares -1.7%. [PR] Comment!
• 00:10 AM Notable earnings before Friday's open: AEE, AIV, BYD, CI, CLX, CVX, EQT, FE, GM, HTV, IR, JAVA, KBR, NT, NXG, NYX, OSK, PEG, PPK, STO, TDW, TOT, WPO Comment!

• Monday, July 21, 2008

• 17:20 PM Keep an eye on Foundry Networks' (FDRY) peers: NT, ALU, COMS, JNPR, FFIV. Comment!

• Thursday, June 19, 2008

• 10:29 AM Telecom stocks are broadly lower, lead by Motorola. MOT -9.4%. NOK -3.2%. ALU -2.8%. NT -2.8%. Comment!

• Wednesday, June 11, 2008

• 14:58 PM Nortel (NT) +11.7%. Investors cheer its confirmed 2008 guidance, and a Verizon (VZ) order for metro ethernet equipment. Its soft spot: No 3G. Comment!