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Nortel going gang busters!!!

Chris

Well-Known TRIBEr
For those that watch the market, watch their stock today, its going to go through the roof. Yeah for me


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Nortel annual profit first since 1997
Last Updated Thu, 29 Jan 2004 16:55:39
TORONTO - Nortel Networks Corp. has reported its first annual net profit since before a spectacular boom and bust nearly destroyed the former staple of Canadian investment.



Nortel (TSX:NT) reported Thursday that it earned $732 million US in 2003.

The last time the company reported an annual net profit was 1997.

Earnings per share were 17 cents US for the year ended Dec. 31, compared to a restated annual loss of $3.27 billion US or 85 cents a share in 2002.

Revenues for 2003 were $9.81 billion US, down from $10.57 billion the previous year.

Fourth quarter results

Fourth quarter results were also up. Nortel earned $499 million US, or 11 cents a share on revenues of $2.83 billion US.

In 2002, Nortel suffered a fourth-quarter loss of $168 million US, or four cents a share.

Nortel was trading up 17 cents US at $8.76 Cdn shortly before the close of trading on the Toronto stock Exchange Thursday.

At its peak in July 2000, Nortel stock hit a peak of $124.50.



Written by CBC News Online staff
 

OTIS

TRIBE Member
Yeap, supposedly they are riding the carpet of wireless technology..


This should make tech stock populor for a while.
 
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Lurch

TRIBE Member
ummmm he still could have pm'ed me or perhaps bought some for me then sold them to me for the price he bought them for .....yeah yeah thats the ticket
 

Humanjava

TRIBE Member
Nortel is still the best for many thing in Carrier Class Technologies. Defn better than Cisco with many products.
 
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silver1

TRIBE Member
Heh. Yesterday afternoon I went to check the price and it said, "Trading Halted" and I was like, "Oh shit. What now?!?!"

Then when I found out I was quite happy.

It halted at about 8.50 yesterday.

It opened at 11.50 this morning! :D
 

Funzo

TRIBE Member
Those $500 worth of shares I bought at $0.70-ish are sitting nicely right about now :D

Ha if i sold now, Bye bye student loan payments, well almost
 
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aki

TRIBE Promoter
some bad news from nortel...

taken from the cbc website:


Nortel stock tumbles on filing delay
Last Updated Thu, 11 Mar 2004 10:12:17
TORONTO - Shares of Nortel Networks Corp. (TSX:NT) fell more than 10 per cent on Thursday morning after the company said it is delaying the filing of its audited financial statements for 2003 and warned it will likely have to restate more of its earnings reports.

The stock was down 97 cents at $8.10 half an hour after the TSX opened. Volume was very heavy.

The company said late Wednesday evening that the delay is due to the review of its financial statements that began in October 2003.


FROM Nov. 19, 2003: Nortel restates earnings; losses cut by $505 million US

FROM OCT. 23, 2003: Nortel turns $179-million US profit; to restate earnings back to 2000

"Nortel Networks cannot predict at this time when such review will be completed given the volume and complexity of the work involved," the company said Wednesday night.
Once the delay in filing the results with the U.S. Securities and Exchange Commission goes beyond March 30, the company and its main operating subsidiary, Nortel Networks Ltd., will be in technical default on $1.8 billion US of notes and $1.8 billion US of convertible debt securities.

"The delay in filing the [results to the SEC] will not result in an automatic default and acceleration of such long-term debt," Nortel said.

However, Nortel cautioned that if an acceleration its debt does occur, the company may be unable to meet its obligations.

"In such case, the company and [Nortel Network Ltd.] would seek alternative financing sources to satisfy such obligations," the firm said.

If the delay goes beyond the end of March, Export Development Canada will have the right to terminate up to $300 million US of committed support and $450 million US of uncommitted support.

In its preliminary 2033 results, which were released in late January, Nortel posted a $732 million US profit. The last time the company reported an annual net profit was 1997.



Written by CBC News Online staff

the link
 
Last edited:

Balzz

TRIBE Member
Can't wait to watch it tumble, buy, and wait for the shorters to bring the price up for a little bit. :cool:
 
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H2Whoa

TRIBE Member
i sold half of my shared at just over 11 bucks

i felt it was overvalued.

i bought it at under a buck so i'm not too worried about this drop. seems natural anyways.
 

Vote Quimby

TRIBE Member
Originally posted by Balzz
Can't wait to watch it tumble, buy, and wait for the shorters to bring the price up for a little bit. :cool:
I'm glad it's going down. Means i can buy some more at a discount, and then watch it rise the rest of the summer.
 

Chris

Well-Known TRIBEr
Nortel stock tumbles on filing delay
Last Updated Thu, 11 Mar 2004 10:36:14
TORONTO - Shares of Nortel Networks Corp. (TSX:NT) fell more than 10 per cent on Thursday morning after the company said it is delaying the filing of its audited financial statements for 2003 and warned it will likely have to restate more of its earnings reports.

The stock was down 97 cents at $8.10 half an hour after the TSX opened. Volume was very heavy.

The company said late Wednesday evening that the delay is due to the review of its financial statements that began in October 2003.


FROM Nov. 19, 2003: Nortel restates earnings; losses cut by $505 million US

FROM OCT. 23, 2003: Nortel turns $179-million US profit; to restate earnings back to 2000

"Nortel Networks cannot predict at this time when such review will be completed given the volume and complexity of the work involved," the company said Wednesday night.
Once the delay in filing the results with the U.S. Securities and Exchange Commission goes beyond March 30, the company and its main operating subsidiary, Nortel Networks Ltd., will be in technical default on $1.8 billion US of notes and $1.8 billion US of convertible debt securities.

"The delay in filing the [results to the SEC] will not result in an automatic default and acceleration of such long-term debt," Nortel said.

However, Nortel cautioned that if an acceleration of its debt does occur, the company may be unable to meet its obligations.

"In such case, the company and [Nortel Network Ltd.] would seek alternative financing sources to satisfy such obligations," the firm said.

If the delay goes beyond the end of March, Export Development Canada will have the right to terminate up to $300 million US of committed support and $450 million US of uncommitted support.

In its preliminary 2033 results, which were released in late January, Nortel posted a $732 million US profit. The last time the company reported an annual net profit was 1997.



Written by CBC News Online staff
 
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