Nortel Moves Higher Ahead of Analysts' Meeting
Shares of
Nortel
(NT)
gained ground a day before the company's conference with analysts in Boston.
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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.
