Nortel Moves Higher Ahead of Analysts' Meeting

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Shares of

Nortel

(NT)

gained ground a day before the company's conference with analysts in Boston.

Shares of the company were recently up 4.8%, or $1.63, to $35.69 in

New York Stock Exchange

composite trading.

Weaker-than-expected fiber-optic equipment sales in the company's third quarter recently sparked a sell-off in Nortel shares, stripping more than 60% from its 52-week high of $89. Revenue for the quarter was $7.3 billion, which was as much as $100 million lower than expected.

The company will provide more detail on its fiber-optic performance and outlook at the conference tomorrow.