Alcatel-Lucent (ALU -17.9%), the result of more ugly earnings news, is leading many to question its survival, at least without a major restructuring. Nomura's Stuart Jeffrey notes Alcatel's remarks about failing to reach its operating margin guidance suggest it will struggle to turn cash flow positive. Goldman has argued liquidity pressures could arrive by 2013. Plenty of other telecom equipment names have warned. CIEN -2.9%. TLAB -2.4%.
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