Nortel's New Lease on Life

As it battles Lucent for the title of top North American telecom-equipment maker, the battered challenger is looking more impressive

Investors have long compared North America's largest telecom-equipment makers: Lucent Technologies (LU) and Nortel Networks (NT). In those comparisons in recent years, Lucent has often come out on top. As Nortel stumbled under the weight of an accounting scandal that led to results restatements, executive dismissals, and fraud investigations, Lucent executives were busy slashing costs and reviving growth after the telecom meltdown.

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