Why Ciena Stock Just Crashed 23% -- and Took Infinera, Lumentum, and II-VI Down With It
Ciena Corporation (NYSE: CIEN) reported its third-quarter earnings this morning and beat analyst estimates handily, earning $1.06 per share (adjusted), versus the Street consensus expectation of $0.83. Now here's the bad: Guidance at Ciena was exceptionally weak, and that weak guidance is destroying Ciena stock in morning trading. As of 10:15 a.m. EDT, Ciena stock is down a staggering 24%, and fellow networking equipment industry players Infinera (NASDAQ: INFN), Lumentum Holdings (NASDAQ: LITE), and II-VI Incorporated (NASDAQ: IIVI) are falling in tandem, down 16.3%, 11%, and 9.1%, respectively.