The Mid Day Market Update With fresh signs of improvement in the business outlook, investors were in a buying mood today. The firm also said it's confident about its restructuring plan, which was put in place to turn around the company's business and debt problems. Since Wednesday, stocks have paddled higher in the absence of a catalyst.
Traders say what's missing is any major earnings preannouncements.
Investors took in stride this morning's surprisingly soft productivity and labor costs data released today, which showed that productivity in the first quarter softened dramatically. Schacht said Lucent has shifted its focus toward established phone customers and away from endangered small telcos, which should bolster sales growth and ultimately lead the company back to profitability from its recent rash of red ink. Inc All rights reserved.