Earlier this morning, Nortel Networks (NT: sentiment, chart, options) reported a larger second-quarter loss than a year ago. This year, NT shed 23 cents per share down from 7 cents per share last year. Excluding one-time items, NT would have lost 9 cents per share, wider than the Street's expected loss of 3 cents per share. Quarterly revenue came in 2% higher, at $2.62 billion, surpassing the Street's estimate of $2.5 billion.

At last check, NT has shed nearly 14% of its value, but that is actually a smaller loss than earlier in the session. This drop is nothing more than a continuation of the year's underperformance from NT, as it has lost 49% since the beginning of 2008. Looking back over the past 52 weeks, the loss is 63%. During the past 4 weeks, NT has actually gained 3.5%, but today's drop isn't helping matters.