Tech Winners & Losers: Nortel
Tech stocks opened Monday morning with big gains, but by midafternoon, another downturn had taken over the market.
The Nasdaq slipped 29 points, or 1.8%, to 1618 in recent trading, coming off a high brought on by news of two separate economic stimulus packages in the U.S. and China.
Shares of Nortel (NT) plummeted 13.7% to $1.01 after the Canadian telecom posted a $3.4 billion loss in the third quarter. Revenue fell 14% to $2.32 billion. The company said it plans to cut 1,300 jobs.
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