Nortel Networks Corp. $6.43 (Toronto Symbol NT Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 496.5 million; Market cap: $3.2 billion; SI Rating: Speculative) lost $113 million in the three months ended June 30, 2008 compared to a loss of $37 million a year earlier (all amount except share price and market cap in U.S. dollars). Per-share losses grew to $0.23 from $0.07. Most of the drop in the latest quarter is due to $88 million in restructuring costs and other charges. Revenue rose 2.3%, to $2.62 billion from $2.56 billion. However, the slowing U.S. economy will probably limit Nortel’s revenue growth in the second half of 2008.
Nortel is a hold.
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