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Politics : Welcome to Slider's Dugout

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From: Nihontochicken	12/13/2007 5:20:52 PM
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Link to a Minyanville article today, minyanville.com probably not worth reading the entire thing, here's the good part: Ciena (CIEN) supplies networking equipment and software to big clients like governments, telecom providers, etc., you know the drill. The headlines this morning look great: "CIEN Q4 Earnings Beat Expectations, Revenue Up 35.2%" So why is the stock off 10%? In the conference call this morning the company noted they took a $13 million loss on marketable debt instruments. The loss stems from a $45.9 million investment in commercial paper issued by two structured investment vehicles (SIVs). The SIVs entered into receivership and failed to make payments at maturity. How did this happen? Well, at the time of purchase the investments had the highest ratings available from S&P and Moody's. Now, they don't. Ciena said that they may incur additional realized losses in fiscal 2008 "up to the aggregate amount of these investments." NC :o/

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