Lucent Drops 3.5% on Estimate Cuts
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.
