Lucent Falls on Downgrade

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Lucent

(LU)

was under moderate selling pressure Monday morning after being downgraded by a major Wall Street firm.

Morgan Stanley downgraded the telecom equipment maker to neutral from outperform, citing the stock's valuation. Morgan analysts say the stock's fair value is $8.

The company's shares were recently losing 24 cents, or 2.9%, at $8.15 on Instinet.