was down 5% in late morning after hitting a 52-week low of $18.84.
On Friday, the stock plunged more than 30% after Nortel cut its 2001 outlook and said it expects a first-quarter loss of 4 cents a share. The telecom equipment maker blamed the economic downturn in the U.S. and said the slowdown would continue well into the year.
Rival telecom equipment maker
was down 1%. The stock fell sharply Friday on reports the company was having trouble raising money.