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Alcatel CEO launches makeover

Shares of the troubled French telecom equipment maker jumped 3.21% in strong volume Wed. after CEO Michel Combes, who moved into the top spot April 1, unveiled a recovery plan. Combes said Alcatel-Lucent (ALU) will focus primarily on networking products and high-speed broadband, while at the same time trying to cut costs by as much as $1.6 bil by '15. Alcatel has reported flat or lower sales for the last 4 years. It's lost money the last 5 quarters in a row.