Nortel to cut 10,000 jobs

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Brampton, Ontario--Networking equipment developer Nortel Networks Corp. plans to ax 10,000 jobs. The news came as Nortel forecasted first-quarter 2001 revenue of $6.3 billion, some $2 billion less than it estimated only a month ago. Nortel's reversal of fortune caught Wall Street off guard, prompting at least one investment bank, Merrill Lynch & Co. Inc., to downgrade the company's stock from "buy" to "accumulate." Nortel competitor Lucent Technologies Inc. also recently announced 10,000 job cuts.
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