Lehman Brothers

Nortel Plans More Job Cuts After Loss Widens


Nortel Networks Corp. announced a new wave of job cuts after posting a wider loss for the fourth quarter and said it was looking for acquisitions to increase its market share amid slower spending by its U.S. carrier customers.
The Brampton, Ontario, equipment maker posted a loss of $844 million or $1.70 a share, compared with a prior-year net loss of $80 million, or 19 cents a share, after a $1.04 billion charge for increased tax reserves, because of a lower tax rate and the strengthening of the Canadian dollar. (read more)

Despite Rise in Profit, Cisco Eases Its Forecast


Cisco Systems, the largest maker of network equipment, edged past Wall Street’s second-quarter sales targets but forecast a slowdown in orders for the third quarter as European and American customers pull back on technology spending. (read more)