Yeah they will still be doing things but Bell Labs not doing basic research just isn’t Bell Labs…
Alcatel-Lucent, the parent company of Bell Labs, is pulling out of basic science, material physics and semiconductor research and will instead be focusing on more immediately marketable areas such as networking, high-speed electronics, wireless, nanotechnology and software.
[From Bell Labs Kills Fundamental Physics Research | Gadget Lab from Wired.com]