A number of networking equipment makers are retreating significantly after Ciena (CIEN), which develops communications networking products, reported lower than expected third quarter earnings per share and provided fourth quarter revenue guidance that came in below analysts' consensus estimate. Ciena said it has been hurt by the macroeconomic slowdown, as well as slower than expected launches of new design wins. In late morning trading, Juniper (JNPR) slumped 4.27% to $17.69, Finisar (FNSR) dropped 5.58% to $14.55, JDS Uniphase (JDSU) fell 4.44% to $11.23, Tellabs (TLAB) declined 2.90% to $3.52, Cisco (CSCO) lost 1.43% to $18.92, and Oclaro (OCLR) fell 3.85% to $2.62.
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?