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.
Nortel Sinks After Guidance and Jobs Cut