I used to work for these guys

November 12, 2008

Hmm.. $3.4 billion loss in 3rd qtr. Didn’t know Nortel made cars.

At least one analyst quoted in the article is positively gloomy on NT’s future:

The cost cuts notwithstanding, Nortel’s balance sheet and its business setbacks make the company attractive only to investors who betting that it will be broken up or sold, said Duncan Stewart, president of Duncan Stewart Asset Management in Toronto.

“It only exists as a possible speculative break-up value play,” he said. “As Nortel exists today, it cannot become a successful global leader in the telecom equipment industry.”

The good news so far is, analysts had been expecting 4 – 5,000 jobs to be cut. So far, about 1,300 will be let go.

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