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News Breaks | | | | August 30, 2012 | | 10:23 EDT |  | CIEN | Ciena shares slump following Q3 results, disappointing Q4 guidance
Shares of Ciena (CIEN) fell over 16% this morning after reporting Q3 results. The company reported Q3 adjusted EPS (4c) vs. 8c a year ago. Revenue came in at $474.1M, above the $435.3M the company reported a year ago. Analysts expected EPS of (2c) on revenue of $473.88M. CEO Gary Smith says the company is experiencing the effects of ongoing macroeconomic challenges, as well as slower-than-expected roll-outs of new design wins. On the company's earnings conference call, Smith said that the tone of the global economy has "clearly" grown increasingly more cautious over the past couple of months, adding that Europe deteriorated somewhat; Smith says North America has held steady, but customers are exercising "a little more caution." Smith says he doesn't expect the economy to improve dramatically in the near-future, but says the company's view of its long-term opportunity is unchanged. Looking ahead, Ciena expects Q4 revenue of $455M-$480M, below analysts' estimates of $499.49M. Additionally, Ciena sees Q4 adjusted gross margin of approximately 40% and guided Q4 operating expense in the low $180M range. Ciena is down $2.75, or 16.45%, to $13.97 in mid-morning trading. | |
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| May 16, 2013 | | 12:24 EDT |  | CIEN | On The Fly: Midday Wrap
The S&P 500 was virtually unchanged at midday following a deluge of domestic economic data this morning. The S&P began the session in negative territory, but only moderately lower, after investors received a host of data prior to the open, including reports on jobless claims, consumer prices, and housing starts. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 32K to 360K last week, compared to expectations for them to remain relatively stable at 330K. The consumer price index dropped a larger than forecast 0.4% in April, though the "core" CPI rate rose 0.1%, as expected. Housing starts were down 16.5% in April from the prior month, versus an expected decrease of 6.4%, though building permits jumped 14.3% from the prior month, beating an expected increase of 3.8%. The Philadelphia Fed General Business Conditions Index for May came in at -5.2, versus expectations for a +2.2 reading. COMPANY NEWS: Earnings reports from two Dow members, Wal-Mart (WMT) and Cisco (CSCO), sent their shares in opposite directions. Cisco shares advanced 12% to lead the blue chip index after the company's results beat expectations on the top and bottom lines and prompted price target increases at several analyst firms. Wal-Mart, in contrast, lagged all Dow names, sliding 2% after its earnings for the just ended quarter and its view of the current quarter missed the consensus forecast... After the closing bell, Tesla Motors (TSLA) said it intends to raise about $830M by offering 2.7M common shares and $450M in convertible senior notes. CEO Elon Musk will buy $100M worth of the stock and debt, the company said, and its recently high-flying shares rose another 6%. MAJOR MOVERS: Among the notable gainers rising following Cisco's better than expected results and commentary were Ciena (CIEN), which rose 8%, and Cavium (CAVM), which advanced 4%. Also higher were shares of NetApp (NTAP), which gained over 6% after Bloomberg said activist investor Elliott Management has taken a stake in the company and is pushing its board to explore ways to boost shareholder value. Among the noteworthy losers were Oncothyreon (ONTY), which fell 20%, and Biomarin (BMRN), down 5%, after both pharmaceutical companies, among a number of others, published data to be presented at ASCO, an annual meeting of oncologists. Also lower was AMD (AMD), which declined 14% following a downgrade to Sell at Goldman Sachs. INDICES: Near noon, the Dow was up 12.47, or 0.08%, to 15,288.16; the Nasdaq was up 8.74, or 0.25%, to 3,480.36; and the S&P 500 was nearly flat at 1,658.80. | | | 11:23 EDT |  | CIEN | Ciena spikes higher fueled by Cisco's results, levels to watch
 Subscribe for More Information | | | May 15, 2013 | | 10:13 EDT |  | CIEN | On The Fly: Analyst Initiation Summary
Subscribe for More Information | | | 06:46 EDT | | CIEN | Ciena initiated with an Overweight at Evercore
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