French telecom equipment maker Alcatel (ALA) was down 16.2% in midmorning, hitting a 52-week low of $17.23 as ADRs of European telcos reeled from Marconi's warning.

Equipment makers

Ericsson

(ERICY)

and

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Nokia

(NOK) - Get Nokia Oyj Sponsored ADR Report

were down 10% and 6.5%, respectively, while local phone service

COLT Telecom

(COLT)

was down 15.1%. Marconi, Nokia and COLT were also trading at 52-week lows.