Nortel (NT) Turns 1,300 People Out Into The Cold
November 10, 2008 by Douglas A. McIntyre
It is cold in Canada this time of year and for some people it will get colder. One of the nation’s largest companies, Nortel (NT), will dump 1,300 people and freeze salaries as it fights for its life. Telecom equipment providers like NT and Alcatel-Lucent (ALU) are punting employees are a remarkable rate.
Nortel posted a third-quarter loss of $3.4 billion, or $6.85 per share, compared with a year-earlier profit of $27 million, or $.05, and it cut its earnings estimate.
Chief Executive Officer Mike Zafirovski who was bought in to save the company has not done a terribly good job. The stock is down from a 52-week high of $19.42 to $1.17. It is a good bet it goes lower today.
Douglas A. McIntyre
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