Lucent Struggles; Nortel Slides

Nortel shares tumbled this morning after rival Lucent Technologies said its revenue in fiscal 2006 will be flat because sales of wireless equipment will be less than stellar in the U.S. (verizon Wireless) and China. Lucent said revenue for the year ended Sept. 30 will be flat to a single-digit increase. Given wireless is Nortel’s biggest business, it will be interesting to hear what it has to say about the market’s outlook when the company’s first-quarter results come out in early-February.

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