Avaya Inc

Avaya Inc., the biggest U.S. maker of office-telephone equipment, will eliminate 2,500 jobs, or about 12% of its work force, amid a slump in demand. The company will set aside $150 million in its fiscal fourth quarter for cutting jobs, closing offices and terminating leases, as well as the declining value of assets, it said in a statement. Since Avaya was spun off from Lucent Technologies Inc. in October 2000, the company has cut about 7,200 jobs, or 24% of its work force.

Avaya Inc., the biggest U.S. maker of office-telephone equipment, will eliminate 2,500 jobs, or about 12% of its work force, amid a slump in demand. The company will set aside $150 million in its fiscal fourth quarter for cutting jobs, closing offices and terminating leases, as well as the declining value of assets, it said in a statement. Since Avaya was spun off from Lucent Technologies Inc. in October 2000, the company has cut about 7,200 jobs, or 24% of its work force.

Avaya Inc., a maker of office phone equipment spun off from Lucent Technologies Inc., said it will eliminate at least 3,000 jobs, or 11% of its work force, and said second-half sales will fall. Sales will decline 4% to 6% in its fiscal third quarter, which ends June 30, from a year ago, the company said. Per-share earnings, excluding one-time charges and costs, will double, spokeswoman Lynn Newman said. Fourth-quarter revenue will decline 4% to 8%, with profit climbing sixfold, she said.

Avaya Inc. said it will report a fiscal first-quarter loss, instead of a profit as expected by Wall Street analysts, sparking a sell-off of its stock. Avaya, a leader in call centers and voice messaging and office telephone systems, said it will likely report revenue of $1.3 billion for the quarter, contrasted with the $1.41 billion analysts expected.

Avaya Inc. said it will report a fiscal first-quarter loss, instead of a profit as expected by Wall Street analysts, sparking a sell-off of its stock. Avaya, a leader in call centers and voice messaging and office telephone systems, said it will likely report revenue of $1.3 billion for the quarter, contrasted with the $1.41 billion analysts expected.

Avaya Inc.'s corporate credit rating was cut to "junk" status by Standard & Poor's Corp. on concern that cost-cutting measures won't help the biggest maker of office telephone equipment overcome weak demand. Standard & Poor's lowered Avaya's corporate credit rating to BB-plus from BBB-minus and withdrew ratings on the company's short-term corporate credit and commercial paper. Avaya shares fell 31 cents to $5.95 on the NYSE.

Silver Lake Partners and TPG Inc. agreed to buy Avaya Inc. for $8.2 billion in the largest leveraged buyout of a computer-networking company. Avaya shareholders will receive $17.50 a share, the Basking Ridge, N.J.-based company said. That's 4.7% more than Monday's closing price of $16.72 and 28% more than the price before speculation about the purchase surfaced.

Avaya Inc., the phone-equipment maker owned by private equity firms Silver Lake and TPG Capital, may file for an initial public offering of stock that would seek to raise about $1 billion, according to a person with direct knowledge of the matter. The company may file as early as this week, said the person, who declined to be identified because the plans weren't public. The Basking Ridge, N.J., company, spun off from Lucent Technologies Inc. in 2000, was taken private in 2007 for $8.2 billion.

Being associated with Lucent Technologies isn't such a great thing in the stock market these days. Shares in corporate telecommunications firm Avaya Inc. lost about 12% Monday as they began trading as a spinoff from Lucent. Avaya, which offers communications networks to corporations and government agencies, opened at $22.88 on the NYSE, then fell as low as $19.25. The shares (AV) closed at $20.19.

Here's something Wall Street doesn't see much anymore: a technology company raising earnings expectations. Shares of Avaya Inc., the office-networking unit spun off last year from Lucent Technologies, jumped Tuesday after the company raised its earnings forecast for the year ending in September to $1.27 a share from $1.23. The stock (AV) surged $2.56, or 22%, to $14.06 on the New York Stock Exchange. Former parent Lucent rose $1.44, or 9.4%, to $16.81. Basking Ridge, N.J.

Avaya Inc., a maker of office phone equipment spun off from Lucent Technologies Inc., said it will eliminate at least 3,000 jobs, or 11% of its work force, and said second-half sales will fall. Sales will decline 4% to 6% in its fiscal third quarter, which ends June 30, from a year ago, the company said. Per-share earnings, excluding one-time charges and costs, will double, spokeswoman Lynn Newman said. Fourth-quarter revenue will decline 4% to 8%, with profit climbing sixfold, she said.

Eastman Kodak Co. on Wednesday named former Lucent Technologies Inc. executive Patricia Russo president and chief operating officer as the company tries to make a profit on a $5-billion investment in digital imaging. Russo, 48, will run Kodak's consumer business, which includes the digital operations and film sales for the biggest photography company, Chief Executive Daniel Carp said.

Chris Weber, a single mother from the Washington area with a good job in the documentary film business, has moved her investments out of individual stocks and into mutual funds. She says she is trying not to panic and, in the belief a recovery is inevitable, still puts $3,000 every month off the top of her earnings into funds. "But it's horrific getting the statements," she says. "This fund's down $10,000, that one $5,000.