Linthicum, MD-based Ciena Corporation (NASDAQ: CIEN), stock spiked from around $12 a share to nearly $15 a share at close yesterday on over 29 Million in volume. The stock was down over 6% in afternoon trading today to $13.80 as traders sold for profit under pressure of negative economic news.
Ciena was a popular search for traders and investors which led to a spot on Google Finance's most popular list of stocks. The company reduced losses in its recently announced fiscal third quarter 2011 results.
The network solutions provider with headquarters in the BWI Marshall business district reported a significant decrease in its net loss that came to $-31.5 Million for the fiscal third quarter 2011 compared to $-109.9 Million in the same period last year.
“Our third quarter results, which included a favorable product mix and reduced operating expense to achieve an as-adjusted operating profit, demonstrate our early progress in delivering additional operating leverage from the business,” stated Gary Smith, president and CEO of Ciena. “Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today's networks and to grow faster than the market.”
Ciena Corporation reported revenue of $435.3 Million. Cash and cash equivalents as of July 31, 2011 totaled $486.3 Million compared to $688.7 Million at the end of October 31. 2010.