The horror ... The horror. Yes we all know that pain in the pit of our stomachs as we watched this baby plummet. I got in @ 63 and change and watched it go to the 90's and then watched it get crushed back down to this level. Welcome to Wall Street and high tech stocks.
Look seriously at your investing time frame and then decide what to do with TLAB. If you can bear to stick it out and wait a year, I would say hold on. If you can't, then take the loss and move on. My personal feeling is that this company has too much going for it not to recover and move higher. Tellabs is extremely well positioned for the future. This setback is temporary.