Is this good for CIEN or bad?
The tech rally ended quickly in after-hours action Tuesday as Nortel Networks warned that first-quarter results will fall below expectations and Palm said it expects a fourth-quarter loss and will cut 250 jobs.
Issues in the fiber optic space sank after Nortel's news, with Cisco (CSCO: news, msgs, alerts) down 2.4 percent, JDS Uniphase (JDSU: news, msgs, alerts) down nearly 4 percent, Ciena (CIEN: news, msgs, alerts) off 2.9 percent and Juniper Networks (JNPR: news, msgs, alerts) sliding 1.7 percent.
Nortel Networks
Nortel Networks (NT: news, msgs, alerts) warned that its revenue will fall short of previously lowered estimates in the first quarter, handing the Canadian networking giant and fiber-optics gear maker a wider-than-expected loss.
Nortel also said it will cut 15,000 jobs by mid-year 2001.
Nortel said it anticipates first-quarter sales of $6.1 billion to $6.2 billion, down from a previous estimate of $6.3 billion. The company sees a loss in the range of 10 cents a share to 12 cents a share, compared with an earlier forecast loss of 4 cents a share.
Shares slipped 16 cents, or 0.9 percent, to $16.76 at the close of regular trading and were halted after hours. |
