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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 680.44

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Dec 19 4:00 PM EST

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To: Johnny Canuck who wrote (43120)	3/1/2006 2:45:14 PM
From: Johnny Canuck	Read Replies (3) of 69126

Ciena Needs To Sustain Operational Improvements Kate DuBose Tomassi, 02.28.06, 4:02 PM ET Morgan Stanley analyst John Marchetti said he’s waiting to see Ciena create sustainability in operational improvements ahead of the company’s first-quarter 2006 earnings announcement Thursday. In a report Monday, the analyst estimated that Ciena will report a first-quarter earnings loss of 2 cents per share on revenue of $121 million, in-line with consensus estimates. “We like Ciena’s exposure to growth areas including metro-optical and multi-service edge markets, but wait for the company to demonstrate the sustainability of its operational improvements before getting more constructive on the stock,” the analyst said. The analyst said Ciena needs to focus on the sustainability of operational improvement after increases in gross margin and operating margin over the past two quarters. He advised investors to monitor the carrier spending environment in long-haul and metro-access where estimates “may be conservative.” Investors should also focus on the status of Ciena’s share repurchase program, according to the analyst, and look for traction with carriers for the company’s CN4200 and CNX-5 platforms. The analyst maintained a rating of “equal-weight” on Ciena shares. Stocks the firm rates “overweight” in the communications equipment sector are Adtran, Cisco Systems and Motorola.

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