was down 28.1% in preopen
trading. The telecom equipment maker late Tuesday posted third-quarter earnings of 18 cents per share before a charge, just beating the Street's estimate of 17 cents. The year-ago result was 11 cents. Revenue came in at the low end of the expected range.
Nortel was also driving down other optical and network stocks. In preopen
was down 16.8%,
was down 11.3% and
was down 16.3%.
Applied Micro Circuits
was down 11.8% after
cut it to buy from strong buy, in part because Nortel is a major customer.