Lucent Edges Higher on Cutbacks
Troubled telecommunications equipment company Lucent (LU) was up 0.9% in late morning as the company officially announced it was offering early retirement to over 10,000 managers.
The company was reported Tuesday to be preparing to announce this latest round of cutbacks.
Also Tuesday, Lucent reaffirmed its third-quarter outlook of modest sequential growth and said it expects sales to rise despite market weakness. The company also said it remained confident its restructuring and cost-saving plan.
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