Lucent's Last Stand

Alcatel-Lucent (ALU Quote) is set to deliver its third-quarter candy Wednesday morning, and investors are curious whether CEO Pat Russo will continue to hand out the treats.

After going three-for-three on quarterly shortfalls this year, Russo was put on notice by the Alcatel-Lucent board and given one month to present an "emergency plan" for the company.

That month ends tomorrow, and Russo has already said, as indirectly as possible, that more firings are ahead.

"Given ongoing dynamics in the rapidly changing telecom industry," Russo said last month, "the company is taking steps to accelerate the execution of its current restructuring program and to implement additional focused cost reduction plans." ...