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Nortel Sinks After Guidance and Jobs Cut
by w1ld at 11:39 am EDT, Aug 28, 2002

Nortel Networks Corp. shares fell at the start of trading on Wednesday after the struggling telecom equipment maker cut its third-quarter revenue target and said it would ax about 7,000 jobs.

"If this $2.6 billion break-even point is the bottom, I still don't expect a rapid level of growth or much growth from this point sequentially. We're looking at a very weak environment," said Shayna Malnak, an analyst with Williams Capital Group in New York, who has the stock rated "sell."

No shit Sherlock.

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