10:24 AM EST - Nortel Networks Corp. : cut its revenue forecast for 2008 and projected lower third-quarter sales than analysts expected on Wednesday, as customers further reduce capital expenditures. North America's biggest maker of telephone equipment projects full-year 2008 revenue to decline between 2 percent and 4 percent with gross margin of about 42 percent. Third-quarter revenue is expected to be about $2.3 billion with gross margin of about 39 percent. Nortel Networks Corp.
shares T.NT are trading down $2.34 at $3.38.
