Nortel (NT) was down 1.1% and topping the NYSE's most active list after CEO John Roth said he was not ready to forecast earnings. Roth said he expects the telecommunications equipment sector in a minimum of six months put possibly as much as a year.

The company, which posted a first-quarter loss in April and announced 20,000 layoffs, is actively trimming other costs to keep all units operating at break-even, Roth said.