Nortel (NT) was down 1.4% in early trading after announcing nearly 1,000 job cuts in Canada as it attempts to keep its workforce at 2000 levels. The telecom equipment supplier said the firings would be offset by hirings in high-growth businesses such as fiber-optic and wireless networks. Spokesmen refused to confirm a report in the Globe and Mail of Toronto that it would fire 5,200 people, or 6% of its staff, in the next three or four months.

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