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Technology Stocks : Ciena (CIEN)

CIEN 214.35

+0.7%

Dec 9 4:00 PM EST

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To: Stewart V. Nelson who wrote (526)	7/16/1997 7:50:00 PM
From: Sam Citron	of 12623

Stewart, I wouldn't consider shorting TLAB or UNPH because both are excellent companies with seasoned management. They sell at same PSR as MSFT. CIEN has put on too much window dressing for my taste, with restrained R&D expense to maximize reported earnings. Things have been going swimmingly, but their valuation discounts many years of superior growth. This could turn out to be the future MSFT and I will be proven wrong. LU is sole supplier for critical WDM components. Without LU's cooperation, CIEN could be dead meat. Why does LU not hold these supplies captive for its own system sales. Beats me. Maybe they think it helps them sell more fiber. Or maybe somebody made a miscalculation and signed a stupid long term contract. Or maybe ATT said to LU: "if you sell the same or more advanced DWDM systems to other carriers, you will be sorry". I'm trying to figure this one out as you all are. SC

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