DJIA Midday -50.32 Nortel Below Estimates...

Nortel NT gaps down on open to 2.78 after failing to meet street estimates. 3rd Quarter loss of 259 million versus a gain of 131 million in the quarter last year. -6 cents versus +3 cents per share. Retraces on relatively high volume, but analysts modeling based on 42% gross margin prospects seems farfetched. I remember back in Tel Aviv, in 2003 whenever I had a Maccabee beer with any U.S. citizen in a Bar along the Mediterranean, they were all Nortel contractors.