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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 694.04

-0.2%

Jan 29 4:00 PM EST

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To: Johnny Canuck who wrote (32461)	5/24/2001 3:15:10 AM
From: Johnny Canuck	Read Replies (1) of 70264

CIENA Corp (CIEN) 62.40 -1.90: Salomon Smith Barney comments on CIEN contract win with AT&T (announced pre-market yesterday); expects contract to have only a small impact on revenues, with less than $50 mln over the next 12 months; also believes that CIEN received a mandate over ONIS and NT, but expects AT&T to eventually name a second source vendor for its buildout; views order as a symbolic win for CIEN given revenue share losses experienced over last two qtrs... Separately, Morgan Stanley downgrades to NEUTRAL from OUTPERFORM; believes that although CIENA remains the best-positioned company in the optical sector, valuation work suggests the stock has limited upside from current levels; industry checks indicate that Sprint could delay network upgrades; believes the AT&T contract, worth roughly $40-50 mln, was baked into management's FY01 guidance.

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