French telecoms equipment maker Alcatel-Lucent said it had signed a $1 billion agreement with China Mobile to provide mobile communication equipment and services.

Earnings out of Europe were mixed Wednesday as telecom giant Alcatel-Lucent cuts its telecom market forecast and reported a bigger-than-expected first-quarter net loss.

Green Week technology: Mike Zafirovski, chief executive of Nortel Networks, says his firm is playing a key role in the search for cost-effective corporate environmentalism. In an interview with CNBC, Zafirovski described how Nortel is helping corporate customers save energy -- and increasing value for Nortel's own shareholders.