Nortel shares lose 10% on analyst gloom

Shares in Nortel, the Canadian telecommunications company which employs 900 people in Galway, edged below $32 in New York yesterday after losing up to 10 per cent of their value this week. The shares tumbled after revenue projections issued by company executives in New York on Tuesday failed to match analysts' expectations. Nortel said it saw growth in the low double digits instead of the 20 per cent expected by Wall Street.