Cowen & Co. Initiates Coverage

The blog reflects to some extent what is really going on out there wrt Nortel. I am sure that if the economy was rosey and Nortel had done a great job over the last 3 years, we would be getting a different tone to this blog. I just ignore the posters that make no sense or seem to have some kind of lunatic grudge and read the ones that are intelligible and have a little something to offer.

I have been a long reader of this blog and it is true that it is getting uglier every day. However, Mark, you carry some of this responsibility as the subjects of your blog used to be a lot more objective. Lately, it seems pretty one-sided and it seems to be done to please people like Desk Jokey, Protosphere and Co. Unless you want to talk bad about Nortel, there seems to be no information found on your blog.

To all those who think this blog has any influence on NT stock price, either you are simply dump or have no clue about finance.

Desk Jokey, proto, do you really think that what ntinsider posts here has any effect on NT stock price!!! disappointed in your intelligence.

I am sure all the hedge fund manager and bank large fund manager connect every morning to AAN and read your comments to decide what to do.....

No, you are completely wrong. You ask why there is so much "bad news" about Nortel on AAN, and point to this as evidence of "bias". I say to you: There is so much bad news because that is the truth! AAN is more objective than your world view will ever be.

And you completely misinterpret my point. I have never claimed that AAN could change NT stock price. Instead, it is people like you who complain of "bias" and "propaganda" that also claim that AAN is having a negative effect on NT stock price. Get your head out of the sand, if you think that AAN has an effect on NT stock price then you are only deluding yourself.

get your head out of mark's anus, cause if anything, you'd be the first turd to be crapped out

aan is a blog. like i said before, its not objective when one posts some news over and over again across multiple posts and others none at all. rather, aan has been growing irony when you started making statements. and aan definitely has an effect on the stock price especially when it gets referred in some articles. seriously mate, get your head out of the anus.

You post the same negative criticism about AAN over and over expecting a different outcome, both for the blog and Nortel stock.
Hows that a postive deviation from yer average AAN cult members negative posts?

Ask most any Pyschiatrist and they'd say doing so is rather fittingly called being "anal-retentive".

mmm... can you tell me what you think my expected outcomes are? because i thought there was just one. and you're right, its not a positive deviation from the aan cult, but i write for a different purpose and at least i don't hate nt

I have trouble believing if you actually understand the words that you post? AAN having an effect on NT stock price? That is possibly one of the most ridiculous things I have ever heard. Tell me, kind sir, is it feasible that AAN has driven down NT from $120 to $0.05 pre-split and that bad management had nothing to do with it?

Your shameless support of the ineffective management has more effect on NT stock price than AAN ever could!

you're a moron. i said aan has an effect on the stock price, not that it was the sole reason for driving down nt from 120 to .50. if you don't understand the difference between the two, you don't belong here.
it's rather ridiculous to think that something publicly writes about a single company whose visitors are mainly its employees and investors have absolutely no effect on the stock price, especially, when you claim that the content of it is object.

you keep putting words in peoples mouths to support your personal attacks. stay in context, and use quotes. try again

I hav yet to see AAN remove posts that are neutral, objective or even pro-Nortel.

Whancha stop trying to out-negative AAN and finally get around to posting why everyone should rally around and buy Nortel stock already. Thats what Nortel needs.

All I have is the stock ticker and word of mouth from NT folks, past and present, to go by. Looks like things there haven't changed much since I was there.

Convince me already. Sell me the product.

My farmer grampa used to say that if it looks like it, smells like it, tastes like it, feels like it, moves like it its probably what it is, so lets just call it by its name, get over it and get it done.

Put more objectively: move greenly forward in a paradigm of synergies leveraging toward hyperconnectivity.

Cmon.

AAN Reader:

So what do you suggest? Banning members? Deleting comments? I've tried on several occasions to encourage people to leave constructive, insightful comments but it clearly hasn't been 100% effective.

While I don't have the time or energy to micro-manage comments, I'm going to make some change to the comment system to see if it makes a difference. Stay tuned.

Mark

i say you list 20 names you see the most here and let the readers vote 5 of them off the bandwagon. that should clean up the blog. i admit that my comments aren't constructive and insightful as others and would be happy to remain a reader only if some of the other rubbish on this blog are picked up also.

I vote against this proposal.

Mark

your blog. Its becoming ugly now with posts from people like ntInsider and vested interest. waste of time this point on. good job starting this and good luck on your next blog.

Mark

your blog. Its becoming ugly now with posts from people like ntInsider and vested interest. waste of time this point on. good job starting this and good luck on your next blog.
----
re
there are those who want to destroy AAN!
They will use all available methods to discredit AAN.
To provoke and attract the AAN from another ID as the blog of Dead to NT stock cult.
I think, Mark E is doing just fine and all the accusations about being negative on NT stock makes him just glow in the dark. My opinion only.
We, the critics of NT stock (stock) we say show us some positive numbers to talk about!
We are open for discussion or an argument!
Don't blame the messengers!
Show us good wins! Show us profits!
We see new orders declining $500 mill a quarter!
Public and the blogs like that one is the last to get real info about Nortel or NT.
i would never trust Mark Evans to put my money on NT stock one way or the other.
Only idiots can claim that Mark E is biased_negative on Nt and is the reason for NT stock to go down from $1200 to current $0.55
Talk about that, Sir!
haha


It's not because someone posted a critical post on AAN!
Customers who buy for $1 bill will never check AAN! Never!
They pay the research firms to buy reports about NT. That's the real life!
What the paid research reports say about NT?
They say what Mark Sue said. NT has no cash to survive!
Call Mark Sue for explanations.
He is available!
He has to answer your calls!

I agree it is becoming ugly but I would caution against throwing in the towel. People like NT Insider and Vested Interested are part of a dedicated group of agitators whose sole objective is to post meaningless nonsense and downright lies so that the truth is suppressed.

It is no surprise that these trolls have come woodwork at this current time when the news about Nortel is becoming more obvious. And to those that support them: Wake up! They are only catering to your own delusional desires, that is, to prop up your worthless NT stock! Best to move on and get back to reality.

From a nickle presplit to claim, "we believe there is little chance that shares will stage a meaningful recovery."

No wonder, here is what Nortel's CEO and CFO said reiterating not commenting on 2009. Their intrinsic/ "organic" activities decay as the extrinsic /external forces hasten worsening outlook.

Never mind politely expressing no "meaningful recovery", Mark Sue's target of zero seems to make most sense reading this trend.
___________________________________________________________

Last month's Q3 Transcript :
http://seekingalpha.com/article/107935-nortel-networks-corporation-q3-2008-earnings-call-transcript

What we have seen in the almost two months since our September 17 announcement is the actual deterioration of the business environment in which we operate. I don’t see a need to reiterate the worsening conditions

let me discuss liquidity. It is clear that we are in challenging times
This in turn puts pressure on our cash and liquidity position and the continued weakening of the economic environment makes things even tougher.

Slightly more than half of our cash balance is held outside of the United States
Our current expectations for the year end have decreased
we estimate that we require about $1.0 billion to operate our business, not including cash in our joint ventures or China

Looking into 2009, we are not going to be providing revenue and operating margin guidance today

given declining asset performance, the pension funding costs may have to increase next year.

We also announced today our decision to suspend a declaration of dividends on our preferred shares.

we also have depreciation and amortization of about $350.0 million,

I don’t rule out any other actions that we need to take to preserve the cash and liquidity position of the company

We are not providing any guidance for 2009 at this point in time.
at this point in time it would be inappropriate to make any views on 2009.

we announced earlier this morning to our employees that we will suspend salary increases for next year.

In terms of the headcount numbers, our headcount at the end of September was just under 25,000, prior to these actions

We will be happy to organize a call between you and Joel Hackney to give you even more specific details.I do not have the specific numbers here with me.
I will be happy to have you check with Joel

In terms of deferred revenue I expect it to end the year at just over $2.0 billion.

We will not be making any comments on any organic activities but I will make a comment on the rationale behind the MEN announcement in September

Obviously activity did slow down in September.
The trends that we saw at September and why we put out the announcement in the middle of September have continued.

We have obviously got a lot of economic pressures

So all I would sort of say is that the conditions continue to exist and the situation, certainly at the moment from what we see, is about the same and deteriorating.

We are not going to make any specific comments on organic activities
I won’t make any additional comments on organic potential activities.

and what's up with this:
Looking into 2009, we are not going to be providing revenue and operating margin guidance today
We are not providing any guidance for 2009 at this point in time.
at this point in time it would be inappropriate to make any views on 2009.
I do not have the specific numbers here with me.
We will not be making any comments on any organic activities
We are not going to make any specific comments on organic activities
I won’t make any additional comments on organic potential activities.

Proto,

Screw off man. why are you so bitter. cant you just have a civilized discussion.
You sound like Nortel and the BoD have gang banged you wife or something!!! what's whit the bitterness man. Relax, we're just talking here, don't need to get all emotional!!

ok, go ahead, correct my faults and do some word analysis before the nasty replies!!

i amuses me to see you guys so serious!!! don't forget, after tall this is just a blog, no one really gives a fuck about what you think or say!!!

Whats scary is this:

"The Taiwan cabinet approved a special NT$85.7 billion budget yesterday in the latest step toward distributing consumption vouchers to Taiwanese citizens."

Looks like NT will improve the stigma of "Made in Taiwan"

Looks like NT will improve the stigma of "Made in Taiwan"
Pudditane
Less

The news is not related to NT so why did you post it here?
You just shot your leg showing who the guy Pudditane
& Less is.
and your other aliases
Why those shit disturbers use so many aliases?
They want to make an illusion that they represent majority in the discussion with their stupid attacks on AAN and those who want to talk about Nortel and NT stock.

I, less, posted something positive about NT is all. None of our objective thinkers have contributed much of anything to any post beyond rote snide complaints of "bias".

puddintane hasn't shwon up yet, so we'll see if he wants to comment too.

I'm sickened by your shameless joking about mass rape and sexual assault. But I'm even more sickened to see the likes of notafan, psychiatrist, et al. lending their unrelenting support to you, cheering you on as you ridicule and pollute this blog with your hate speech.

It says more about those that herald you as their hero than it does about your sad state of affairs, unfortunately.

Proto, this is a blog, not a dissertation. I don't have to substantiate anything I write here and I haven't misrepresented anything as more than it was. All my info is pure 'coffee talk'. I am not the same guy and I am surprised you couldn't figure that out yourself as you seem to be some sort of expert on people's typing style. In short 'piss off' if you don't like what I write. I'm not going to be bullied off the blog by a mental midget like you.

ntInsider and vestedinterest

if you two are just talking then talk. dont start writing some crap and extending the discussion to somebody else who has nothing to do with this blog. if you are just talking then your own posts seem so emotional.

You don't have to substantiate anything you write here? Wow, I thought the other trolls were bad, but you sir, are the worst.

Hey, I have more "unsubstantiated non-dissertation coffee talk" for you: Go back under the bridge, troll.

desk jockey,

Every response to proto is not an automatic attack towards him,so
stop being proto's little lawyer,if you can't see the instability in many of his posts as others do,then at least practice a little diplomacy with respect to allowing others to share their responses to them without having to endure your two cents worth.

How convenient of you to launch into yet another personal attack against me when Vested Interest himself admitted his sole objective was to post LIES and foment deceit on this blog! (Something which I predicted would happen and did happen)

Somehow posting the truth angers you beyond reason, but you don't seem to have a problem with someone whose stated intent is to create deception. How awkward.

If you have a problem with me pointing out this truth, perhaps you should get your head checked. You are a psychiatrist, after all.

"If you have a problem with me pointing out this truth, perhaps you should get your head checked."

thats why mark is urinating/defecating on himself huh?
how many outrageous claims have you made on me saying? too many.
how many times were you able to quote me on it? none.

you're living in a dream world lad. you've got to admit that you version of the "truth" isn't any better than mine, or vested interests, or ntinsiders.

nt didn't just get really ugly all of a sudden after these guys started commenting. it started getting ugly when you and i started commenting. admit it

All of this from a commenter who has added nothing to this blog but offensive childish remarks, while encouraging others to do so. If you think my claims are "outrageous", perhaps you need to go back and read what was posted. History does not lie!

by the way, stay in context. you couldn't counter anything i said. and do support your claims (ie quotes, you're in a truth cult. you can't just leave your cult temporarily for your own convenience). good luck

From the New Age Dictionary:
opinion = cult
death by global warming = fact

oh please do quote me to support your outrageous claims. if i were to read what i posted, it'll just remind me of your lack of logic. your words don't mean anything to me and others anymore and you keep supporting this everyday. and if you can't admit to you being the downfall of aan (obviously against your will), i think we all know who the childish one is. just count the number of your posts and compare the number of relative posts vs random personal attacks. and how many times you've stated truth/facts and how many times you've made outrageous/unthinkable/fetish/digusting claims. just keep replying to my posts, and prove my point.

p.s. being and nt employee and nt hater is mutually exclusive (one would hope). just pick one and stick with it

Okay, I'll bite (against my better judgement). How exactly did I 'admitted his sole objective was to post LIES and foment deceit on this blog'. I did no such thing. I stand by my original post in that it was a conversation I had with a senior manager in MEN. It was that and nothing more. I shared that point in the context of the conversation and get attacked by you and proto.

Careful now, or desk's own lil lawyers will soon ask you to stop calling yourself a - nay, The - Psychiatrist, until you show them a de facto degree in psychiatry before your officially, scientifically declaring proto's posts as"instable". Or anyone else's for that matter.

Show 'em where can they find you here:

http://www.abpn.com/

"American Board of Psychiatry and Neurology, Inc. is to serve the public interest and the professions of psychiatry and neurology by promoting excellence in practice through certification and maintenance of certification processes."<.i>

I'll concede that this is the most insighful addition to this debate and log off.

proto, while I won't challenge your reasons for attacking the source there 'may' be something to this. I'm a little hazy on the details but not long ago CISCO approached MEN to be a reseller of its 40g gear. This shocked the guys at MEN because CISCO was offering more than what Nortel was selling to customers. The apparent reason was that CISCO could offer this gear in a bundled service that Nortel could not. The bottom line here is that there is some products in MEN that CISCO would like and have the ability to make more money on it than Nortel can selling it themselves. Still though this would be very out of character for CISCO. Still.....

Are you "ntInsider", the previous author, "Vested Interest"?

How can you patronize my reasons while calling it an attack.

How can you paint a false stage:
"but not long ago CISCO approached MEN to be a reseller of its 40g gear. This shocked the guys at MEN because CISCO was offering more than what Nortel was selling to customers."

(where on earth did you get these elaborate "details" you call "hazy")

To elaborate with:
"The apparent reason was that CISCO could offer this gear in a bundled service that Nortel could not. The bottom line here is that there is some products in MEN that CISCO would like and have the ability to make more money on it than Nortel can selling it themselves."

Then tryjng to gain credibility with the obvious "Still though this would be very out of character for CISCO. Still....." where .."still" (is artsy and redundant)...

I believe you are the same poster....aren't you?

Nothing you claim is subsantiated in even a speculative link, you are blowing this hoopla out of your ear aren't you supporting there may be "something in this" ... utter nonsense on the hopes of a bundled service Cisco could acquire from others cheaper let alone pay a premium for it... laughable

Beleive it or not, coming from a very very reliable source (exec.) the MEN deal is now done.

Cisco is the new owner of MEN.

It will be announced before year end.

possible but over half of MEN will be laid off. Cisco and Nortel culture are radically different. most management would be replaced by Cisco management so in a way it will be good. whoever stays will max have a job for a year or two.

Can't see Cisco getting involved unless they hack up MEN to their liking.
There is apparently alot in MEN that would be redundant or product
Cisco would not want (metro next, atm etc).
I do suppose the money they give Nortel would be enough to create more packages so Nortel could layoff more people, including MEN employees? More than likely however just another Rumour.
I am so anxious to see how NT survive once they get rid of MEN, CDMA and LTE and fulfill their ambition of just being an enterprise company.
I wonder how long it will take to totally disintegrate once they are left with just their enterprise division?
My guess is not long.

I believe you are wrong. Nortel still has excellent Enterprise products and a very deep customer base. Yeah, there has been a lot of movement away from Nortel to Cisco and some others, but Nortel continues to provide an excellent alternative to Cisco, Alcatel, et al. Strong applications in IVR, desktop interfaces, unified messaging, as well as a very good voice platform with TDM and VoIP options. I know many, many Nortel customers (including some of my own customers) that have no intent to leave Nortel now or in the near future, and many of these have already dabbled in the Cisco experience and been left burned. So maybe a good cash position will give a Nortel enterprise business enough time to make some good traction and solidify its customer base and bring out some new applications.

The Detroit Lions have plenty of fans too. Thign is if they finish last some of fhem will blame it on their hometowns econonic downturn. I say big whoop.

Nortel leaders are all but absent from the lines of scrimmage. Wheres managements lead "lead from the front" edict of yore?

Who could possibly believe such challenged fabrication that insults readers intelligence.

If there was in so much as any interest whatsoever, it would have made the news or analyst speculation, let alone being a done deal.

This conflicts with Chamber's indicating he wanted no part of Nortel a few years ago when Nortel was in a by far stronger position, relative to impending insolvency today trading at a fraction of when last neared folding.

Why didn't Cisco buy them when the sale of this key asset was announced or shortly thereafter, than wait this long? U.S companies do not procrastinate like Canada's business prevention departments, let alone Cisco even if they did want anything to do with a company slandering them in a green campaign.

If they wanted any part of it , Cisco could absorb Nortel's clients through attrition without spending a red cent in the not too distant future if it folds

This lie to create rumor written by none other than the multi ID stalker of Nortel forums, contradictory and patronizing, painting a false stage before elaboration, posting false and misleading information to influence the stock price, etc., . The writing style is a dead giveaway to this liar. To say "believe it or not" is redundant as is the term "now" in "deal is now done". If this nonsense had any impact on share price, it would be illegal, and further proof criminals are stupid.

This reflects poorly on this struggling company lacking credibility. Only a nutso imbecile would write such a thing and I think most readers know who this is. Yahoo banned this fraud on more than one occasion and removed all its posts. He still posts under many IDs, attacking bad news, racist hate literature, and replying to itself. Heads up on posts like this.

Done deal? Horsefeathers! It is a lie by the challenged stalker fraud who claims to have "insider info from Nortel's heartland" or keeps buying Nortel to defy margin, etc.... Ignore it. It's crazy. Literally. Mad hatter crook posting lies compulsively and shamelessly. The poor devil.

I'm sorry, did I miss that? Did you say "impending insolvency" and "trading at a fraction of when last neared folding"? Where oh where did I hear that before? Oh yeah, in every other bloody post you write, you stupid worm.

That's a pretty brash statement.
Alof of people check this blog out.
I am sure many of them hope you are not blowing smoke but given the way Nortel has behaved, the way they are behaving, the situation they are in and the constant rumours swirling around NT MEN suitors that have never come to fruition (Eric, NSN, Huaweii) why should anyone believe this new rumour?
Best to say nothing until something actually happens.
False expectations around Christmas and in this economic climate of uncertainty, let alone job uncertainty, don't help anybody I am sure.

...which leaves WOMEN and CHILDREN behind yet again.

I too did in fact hear that some major announcement was to be made last week, but nothing really happened beyond another minor personnel adjustment leveraged to synergetically sync up headcount with the NT stock ticker.

Someone else on this blog had said that Nokia Siemens had gone into a 2nd round of meetings in Germany to acquire all or part of Nortel but nothing has surfaced in the media yet.

While timing is everything in business, perhaps waiting too long to make a move on Nortel isn't smart either.

With more and more analysts indicating no expected gains from a fraction of when they last neared folding, is it any wonder Nortel refuses to discuss 2009 like the plague.

As they try trying to sell a major division, real estate, layoffs... and almost all their earnings area after a decade struggle commences decline in the face of economic downturn ... especially their sector's, ...endless... overkill

Does everyone clearly see this? Well... they must to trade at these levels!

Calling $20 a buy did credibility wonders... yet they discussing numbers like there is no care in the world...

They must know what awaits them in the not too distant future, and if they don't, they should. =)

Why companies issue recommendations?
Just to address clients_public and answer their multiple questions about a stock in one report.
Probably they got many calls with inquires about NT stock being very cheap.
Would WaBu buy NT now?
I just answered that in the other link.
Nobody should buy a bad stock on a bad news!
Buying a good stock on a bad news is another story.
There are plenty good stocks_companies with their stocks at 52 weeks lowest levels now.... Why anyone would buy NT as a long term investment is beyond my imagination.
Let me try it again.
How big debt?
How big pension deficit?
How low is cash?
How much cash NT would need for 2009?
How the new orders are coming?
Does NT has new products?
Who wins the bids_contracts?
Does Nortel has a chance to grow?
Does Nortel have any idea what to do in the future?
Answers are easy.
All those questions show how bad the company and the stock is!
Call Dr Kovorkian!
Stop the pain!

Would be good to get a direct link to the Cowen & Co coverage?

I'd like to see it as well. If anyone has a copy, I'd appreciate it if you wanted to pass it along. Same goes for the Zacks report.