Lucent Technologies

(LU)

was down 3.5% in midafternoon after

Lehman Brothers

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cut its estimate for 2001 to a loss of 67 cents from a loss of 50 cents. The telecommunications equipment maker today said

Moody's

and

Standard & Poor's

cut its short-term debt rating to its lowest investment grades, effectively shutting Lucent out of the commercial paper market.