Lucent drags down telecom equipment shares
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Shares of Lucent Technologies Inc.   fell on Tuesday, dragging down other telecommunications  equipment stocks with it a day after the company warned of a  fall in third-quarter earnings on slower wireless network  equipment sales.
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Shares in the telecommunications equipment maker fell today to their lowest level after the company slashed its forecast for full-year revenue growth.
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Telecommunications equipment maker Lucent Technologies Inc., which shed 80 percent of its work force through spinoffs and layoffs amid multibillion-dollar losses, has recorded its first profitable year since 2000.
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Newly merged telecommunications equipment maker Alcatel-Lucent has reported a slump in underlying profits last year and ramped up planned job cuts to 12,500 or 15.6 percent of its global workforce.
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Lucent Technologies Inc.  on Wednesday posted lower quarterly earnings and disappointing sales despite improved demand for wireless network products, and the telecommunications gear maker's shares fell.
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European shares snapped a three-day winning streak yesterday and ended slightly lower, with bid activity propping up telecoms, while heavily-weighted oil majors Shell and BP eased.
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Mixed news in the telecommunications segment dominated technology trading last week, with key players reporting less than stellar third-quarter earnings.
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For the second time in a year, telecommunications equipment maker Lucent Technologies Inc. is reducing benefits promised to thousands of its retirees.
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The communications equipment maker scales back the size of its purchase of Advanced Fibre Communications.
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The FTSE 100 index closed lower again, weighed down by weakness across telecoms and media stocks, while early losses on Wall Street added to the market's woes in afternoon trade, dealers said.
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Demand for fiber-optic network telecoms   equipment is starting to creep back, Nortel Networks Corp. said   NT.TO on Thursday, following a long slump sparked by the   burst of the tech bubble.
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Freshly merged Alcatel-Lucent  is  stepping up job cuts to 12,500 after lurching into a fourth  quarter loss and forecast a first-quarter sales dip as tough  trading and uncertainties from the tie-up take their toll.
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Shares of networking giant Cisco Systems Inc. led an overall decline in the tech sector in Wednesday trading after an analyst downgraded the stock and highlighted warning signs for slowing sales in the coming months.
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Technology stocks led European shares  downwards on Thursday after disappointing earnings reports from  sector leaders around the globe.
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U.S. stocks ended lower on Wednesday,  as a reduced revenue outlook from Xilinx Inc. XLNX.O  pressured technology shares, while a dividend hike by American  International Group limited blue-chip losses.
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(InfoWorld) - Alcatel SA and Lucent Technologies Inc.'s plan to form a global communications equipment giant may run into a roadblock next week in a state court in New Jersey. The companies face a showdown Sept. 6 with shareholders who want to postpone Lucent's Sept. 7 shareholder meeting on the merger as they pursue lawsuits to block it. The Superior Court of New Jersey in Union County is set to hear arguments that day on whether to grant an injunction sought in a proposed class-action suit, Resnick vs. Lucent Technologies Inc. On Thursday, the plaintiffs in another suit, filed in New York, agreed to join in on that hearing. Alcatel and Lucent announced in April that they had agreed to merge into a single company, based in Paris, that would have about US$25 billion in annual revenue. Lucent has struggled in the wake of the post-2000 telecom crash, and the deal is also seen as an outgrowth of consolidation among the carriers that buy from big equipment companies such as Alcatel and Lucent. But the merger, now heading for votes by shareholders in both companies, has been criticized and still faces some hurdles. The stocks of both companies have fallen since the deal was announced, and some investment firms have spoken out against the merger. The European Commission and the U.S. Federal Trade Commission have both approved the deal, but it still needs approval from the Committee on Foreign Investment in the United States. Both companies have scheduled shareholder meetings on Sept. 7 to vote on the deal. In May, the Asa R. Maley Trust sued Lucent and several of its executives in U.S. District Court for the Southern District of New York, alleging they made a deal that would benefit executives and hurt shareholders. The plaintiffs sought class-action status. "In essence, the proposed Acquisition is the product of a hopelessly flawed process that was designed to ensure the sale of Lucent to one buyer, on terms preferential to Alcatel and to subvert the interests of plaintiff and the other public stockholders of Lucent," the plaintiffs said in their complaint. On Thursday, the attorneys in the Maley case agreed to serve as co-counsel for the plaintiffs in the similar Resnick case and will submit their papers for the Sept. 6 hearing in New Jersey. Lucent is based in Murray Hill, New Jersey. In a U.S. Securities and Exchange Commission filing on Tuesday, Lucent said the Resnick suit was without merit and it has substantial defenses to the claims. In a response to the Maley case earlier this month, the company told the New York court that the Maley case should be dismissed.
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European equities fell on Thursday as technology shares lost ground after Cisco Systems (NASDAQ:CSCO) in the US warned of weak demand.