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RealTime IT News

Cisco, Nortel Get Friendly

The CEOs of Cisco and Nortel met at the Canadian Telecom Summit in Toronto recently, but the companies are mum on what the meeting was about.

Nortel CEO Bill Owens and Cisco CEO John Chambers both discussed partnerships in their speeches at the conference, and Chambers was quoted as saying that Cisco would "love" to partner with Nortel.

With a market cap that is eight times bigger than Nortel's, Cisco might be able to acquire Nortel without too much indigestion, but analysts speculated that a partnership is more likely.

Stocks fell Monday on rising international tensions, including the seizure of British military vessels by Iran.

The Nasdaq fell 12 to 1974, the S&P 500 lost 4 to 1130, and the Dow declined 44 to 10,371. Volume declined to 1.12 billion shares on the NYSE, and 1.4 billion on the Nasdaq. Decliners led 17-15 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 59% on the NYSE, and 65% on the Nasdaq. New highs-new lows were 132-33 on the NYSE, and 60-44 on the Nasdaq.

After the close, palmOne reported blow-out earnings, and Priceline raised guidance.

During the day, Intel slipped despite positive company comments, as traders focused instead on a Supreme Court ruling ordering the company to turn over documents.

Ipix fell 10% after dismissing its auditor.

Microtune climbed 6% on an upgrade, while Cray fell 7% on a downgrade.

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