The Five Dumbest Things on Wall Street This Week

1. Lightheaded at Lucent

The lightweights at Lucent (LU Quote) have stumbled again.

The Murray Hill, N.J., telecom-equipment maker warned late Monday of its latest disappointing quarter. Citing a slowdown in U.S. wireless-gear sales, Lucent said it expects fiscal third-quarter revenue to fall 13% short of Wall Street estimates. The poor showing sent Lucent down 6% Tuesday, while merger partner Alcatel (ALA Quote) tumbled 5%.

"During the third quarter, our North American mobility business was adversely impacted by a slowdown in spending on some of our current-generation wireless solutions," said CEO Patricia Russo, who is slated to lead the merged company, in a statement. ...