Nortel: Nowhere To Go But Up
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NEW YORK - It certainly sounds like bad news when a company fires seven executives for financial malfeasance, lays off 3,500 employees and advises investors that it expects sluggish market growth for the year.
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Retreating from an upbeat forecast it  made just last month, Nortel Networks Corp. NT.TO on Thursday  warned that third-quarter sales will fall below its second  quarter and 2004 revenue growth at North America's largest  telecom equipment maker will lag the sector.
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Nortel Networks Corp. NT.TO, one of  the world's largest makers of telecoms equipment, said on  Wednesday it would miss by about two weeks its end of October  deadline to release long-awaited restated financial results.
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Nortel Networks reversed a longstanding position that its revenue growth would exceed the overall market's this year.
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Nortel Networks Corp. NT.TO on  Thursday warned that third-quarter sales will fall below its  second quarter and that full-year 2004 revenues at North  America's largest telecom equipment maker will lag the overall  sector.
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Nortel Networks Corp. said the Toronto Stock Exchange and the New York Stock Exchange won&#39;t commence suspension or delisting actions because of the company&#39;s delay in filing certain financial reports.
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Analysts will wade through the flood of revisions to financial data that Nortel Networks Corp.  is expected to unleash next week looking not so much for insights into its past, but for clues to its future.
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TORONTO (CP) - Nortel Networks stock fell to its lowest price in more than a year Wednesday after the troubled telecommunications equipment maker again delayed its much-anticipated financial restatements, this time until mid-November.
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Nortel Networks Corp. will lay off approximately 1,400 employees in the US and about 950 in Canada, with those employees to be notified by the end of June 2005, the network equipment vendor said in a regulatory
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Shares in Nortel Networks Corp. dropped 9 per cent yesterday after the telecom equipment giant, the subject of several Canadian and US accounting probes, hinted that rivals are taking a bite out of its market share.
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TORONTO - Nortel Networks warned Thursday its third-quarter revenue will be below the $2.6 billion US preliminary unaudited revenues it reported for the second quarter.
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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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Does this down-and-out telecom have any juice left?
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The company is far from resting on its laurels.
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TORONTO (CP) - Nortel Networks shares fell Thursday after the troubled telecom equipment maker warned that its full-year growth in 2004 will likely trail the industry, rather than outperform its peers as the company has been predicting.
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Nortel hands over current-generation systems to a European rival.
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The chief financial officer of Nortel Networks, Peter Currie, who rejoined the company in 2005 to help it recover from accounting problems, will step down on April 30. Nortel, the maker of phone equipment, said it had begun seeking a successor. Mr. Currie decided to pursue other interests, a spokesman, Jay Barta, said. Mr. Currie was chief financial officer from 1994 to early 1997 before leaving to become chief financial officer at the Royal Bank of Canada.