Second hand from Realmoney.com and this from marketwatch:
Ciena drops on CFRA report
--4:17 pm - By Michael Baron
Ciena Corp. (CIEN: news, msgs) fell 6, or 3.6 percent, to 161 Wednesday on heavy volume of 11.1 million shares. The stock was participating in the rally in technology stocks on the Nasdaq until late in the session when rumors of accounting regularities surfaced on Internet message boards. Steven Levy, an analyst with Lehman Bros., attributed the rumors and the resulting sell-off to a report by the Center for Financial Research and Accounting, a research firm. "This is an update of a previous report," Levy said. "It was much ado about nothing in January and even more so now." In fact, Levy said some of the concerns CFRA expressed back in January, such as accounts receivables, have actually improved. Noting the weakness in Sycamore Networks (SCMR: news, msgs), which closed down 4 1/3, or 3.3 percent, at 123 1/8, Levy said Ciena shares may have also been under pressure from the start of a roadshow by Corvis. |
