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Nortel Networks

(NT)

was down 1.3% in late trading after hitting a new low of $31.38 amid concern that the telecom equipment maker is losing clients and is showing no signs of recovering quickly.

Banc of America Securities

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analyst Chris Crespi told clients Friday that Nortel may need until the end of the first quarter to recover from the stockpiling of optical equipment that occurred in the third quarter.