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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Tellabs (Nasdaq: TLAB ) , a specialist maker of communications equipment, closed up more than 10% on cost cutting news and better-than-expected financial results.
So what: Management announced a plan to cut 330 jobs and reduce corporate expenses by some $50 million, yet that may not be enough. Revenue fell by roughly $88 million, or 21%, year over year. The company’s $0.02 adjusted net loss beat expectations by a penny.
Now what: I can't see how that matters. Tellabs has burned through more than $53 million in cash from operations during first six months of the year, reversing what had been a generally reliable trend. Expect more cost cuts, Fool. Soon. Do you agree? Disagree? Let us know using the comments box below.
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