Shares in telecom equipment supplier Nortel (NT) hit a 52-week low at $16.39 down from their one year high of $31.79. Nortel is one of the largest competitors to Alcatel-Lucent (ALU), which warned on its full-year earnings today.
Oddly enough, Nortel’s shares have fallen by a greater percentage from their 52-week high than ALU’s have. Alcatel-Lucent’s shares are off to $8.96 from a 52-week high of $15.43.
It is hard to imagine being worse off than ALU is, but the market is casting a greater vote against Nortel
Douglas A. McIntyre