Alcatel-Lucent (ALU) is Shrinking Its Workforce

Alcatel-Lucent (ALU) is a GDT::Portfolio bottom-feeder. Yesterday (02013.10.07) ALU closed at $3.85. 52-week range: $0.91 - $4.02. ALU's 52-week high of $4.02 as reached five days ago on 02013.10.03. Yesterday, after the market closed, Alcatel-Lucent announced it was cutting 15,000 jobs, or ~15% of its workforce over the span of the next two years. The company also said it's going to add 5000 workers to support growth areas. The job cuts by geography: "4,100 positions in Europe, the Middle East and Africa; 3,800 in the Asia-Pacific region; and 2,100 in the Americas."

On 02013.10.03, Raymond James downgraded ALU to 'market perform' from 'strong buy.'