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Fredledingue:
You don't and shouldn't compare market cap of Nortel with Google at all. Nortel which is debt laden non-market leader in the telecommunication business cannot be compared with Google which is cash rich market leader in the growing advertising industry.
Google has $ 14 Billion in positive net cash. That is net cash, which is done after subtracting its long term debt. Nortel has around $ 0 in positive net cash. While there are some companies spotting negative net cash, Nortel has not been consistently profitable. (It lost $ 2.57 Billion in 2005)
Having said that, I feel that GOOG is a bit overvalued while NT needs to fall down a bit more to fit my buying preference.
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