Stock in Nortel climbed 8 percent, or 19 cents, today after the telecommunications firm announced on Thursday that it had narrowed losses.

Nortel (NYSE: NT) rose 5 cents on Thursday to close at $2.40 and continued its recent rally today even though Nasdaq and the New York Stock Exchange suffered major losses overall.

For the most recent quarter, Nortel said it lost $248 million, or 6 cents per share. Revenues dropped to $2.5 billion, down $1 billion from a year ago, but losses were much lower when compared to the $1.8 billion or 57 cents a share in 2001.

Nortel, which employs some 3,000 people in RTP, predicted a return to profitability in the second quarter of this year.