Last weak, Goldman Sachs said Alcatal-Lucent revenue was in "free fall" due to management’s inability to properly manage the merger of the two telecom equiment markers. The ALU stock was at $15.28 in January, but pulled back to $11.44 on fears that the merger was a train wreck.
Word is out today that Verizon (VZ) has given ALU a $6 billion contract to upgrade its wireless network for the speed necessary to offer video and internet over their infrastructure. The contract is for three years.
A bit of an embarrasement for Goldman.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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