The Processing Systems & Products Industry's Nortel Networks (NT) was InvestorGuide.com's Stock of the Day on 11/10/2008.
Nortel Networks Cuts More Jobs After Devastating Quarter
The economic downturn, more appropriately known as the global financial crisis, has had a disastrous effect on more industries than one can count, resulting in major operational overhaul as companies try to get a grip on their resources and cut costs. Today brings news of another company hit hard by weak sales and disappointing earnings, forcing drastic changes to the way it operates. Nortel Networks, the largest manufacturer of telecommunications equipment in North America, has announced another round of sweeping job cuts as it grapples with its balance sheet. This company's strategy to turn things around involves a large scale effort to cut costs across multiple departments. Is Nortel trying to head off further losses by making such widespread changes or do they need to make up for lost time?Read more

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