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Telecommunications equipment maker Nortel Networks filed for bankruptcy protection in Canada and the U.S. on Wednesday, becoming the first major technology company to take that step in this global downturn. Facing a sharp drop in orders from phone companies, Nortel filed for court protection a day before it was due to make a debt payment of $107 million.
BlackBerry-maker Research In Motion reported better-than-expected revenue guidance for the fourth quarter and strong holiday sales of its new smartphones despite the slowing economy. The Canada-based company met Wall Street expectations on Thursday by reporting income of $396.3 million, or 69 cents per share, for the three months ended Nov. 29.