NEW YORK (AP) -- Shares of Nortel Networks Corp. tumbled Wednesday after the Canadian telecommunications equipment maker posted weak fourth-quarter results, falling short of expectations in what it called a "challenging environment."
Chief Executive Mike Zafirovski acknowledged attempts to turn the company around have not been easy. Nortel, which widened its losses during the quarter, also said it will cut 2,100 jobs and will shift about 1,000 more to cheaper areas.
RBC Capital Markets analyst Mark Sue, who downgraded Nortel "Underperform" from "Sector Perform," said the results show things are not getting better for the company.
"The overall situation remains little changed for Nortel in a consolidating industry," he wrote in a note to investors. Sue said the company's weak balance sheet was also a reason for the downgrade.
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http://biz.yahoo.com/ap/080227/nortel_mover.html?.v=3
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