Lucent (LU) was down 1.2% after Moody's Investor's Service cut its debt rating to junk status and warned it may cut them again, given weakness in the telecommunications sector and worries over the company's ability to raise cash.

Moody's lowered Lucent's senior long-term debt to Ba1 from Baa3.

Lucent is struggling to sell some assets to raise cash, but Moody's said it is "increasingly concerned" that the sales won't happen fast enough or raise enough money.