Bought into LU 4-28-1997 @$12.50 (split adjusted price) ... It was as high as ~$80 in December 1999, now its ~$35 ... yikes! - LU has apparently been in a steady downward spiral since the departure of CEO Carly Fiorina (sp?) to HP. [HP has taken off since her arrival there] - LU also disappointed analysts with their failure to deliver on estimated earning levels; they just could not make and deliver big, new phone/data switches fast enough. No sales, no earnings, no love from investors.
My take is that the ~$35 share price is a great buying opportunity, if you don't plan to cash out in the very near future. I'm buying more myself. Of course, this is also probably also true about CSCO and NT. I will eventually work myself into owning some of each ... can't lose (over a long time horizon) if you bet on all the horses in the race!
The prior comment about the internet bubble bursting bringing LU down is probably correct. I mean, LU had a PE in the 150-200 range when it was in the $70-$80 range... now its about 43, still not indicative of a bargain, but definitely not out in lah-lah land.