Nortel Networks (NT) was up 4.1% in preopen Instinet trading. The network equipment and services provider this morning said it has signed a three-year agreement VoiceStream Wireless (VSTR) worth about $300 million, to supply next-generation upgrades to its national mobile communications network.

Also today, Deutsche Banc Alex. Brown said it is cutting 2002 estimates for Nortel to a loss of 15 cents a share. The consensus estimate is for a loss of 6 cents.

In addition, Bear Stearns chimed in with a negative note on the company, saying business conditions are deteriorating in the near term.