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Technology Stocks : Ciena (CIEN)

CIEN 203.90

-2.8%

Dec 17 4:00 PM EST

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To: The Phoenix who wrote (1272)	2/20/1998 12:07:00 PM
From: Glenn D. Rudolph	Read Replies (1) of 12623

NEW YORK, Feb 20 (Reuters) - UBS Securities said it initiated coverage of CIENA Corp with a hold rating, while Avalon Research said it started CIENA with a sell/sell short recommendation. -- Avalon said Ciena faces challenges and technical hurdles ahead as it seeks to diversify and "play with the big boys." -- CIENA is caught in an earnings vise: it needs to increase costs to compete in the marketplace or its products will lose any technological advantage gained over the previous two years. -- Avalon set a 1998 earnings estimate of $1.19 per share, and a 1999 estimate of $1.10. -- UBS said its hold rating was based on a high level of customer concentration, decreasing operating margins and increasing competition. -- The company should face challenging second and third quarters given reduced spending by WorldCom Inc , a major customer. -- UBS set earnings estimates of $1.35 per share for fiscal 1998 and $1.60 for 1999. -- CIENA was off 12-5/8 at 45-1/2 in early trading.

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