Ciena Corporation (NASDAQ: CIEN) shares rose this morning after they had been cored to the bone. Despite its sector woes in telecom equipment and fiber optics, Barron’s called the stock a bargain this weekend on the convergence issues which Cisco and others have been touting for years. This appears to be a value call with shares trading at under 10-times earnings, but keep in mind that analysts are looking for 2009 earnings to be below 2008. Shares are nearly 80% off of 52-week highs, with a 52-week trading range of $9.52 to $49.55. Shares are up almost 9% at $12.25 right before the open.
Jon C. Ogg September 22, 2008
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