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Lucent

(LU)

was down 3.9% in early trading after the telecom equipment maker ousted Chairman and CEO Rich McGinn and replaced him with former chairman Henry Schacht.

The company also slashed its sales and earnings outlook for the first quarter of 2001 and said it would release its fourth quarter results today after the close instead of Tuesday. Lucent spinoff

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Avaya

(AV)

, now headed by Schacht, was down 2.5%.