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Technology Stocks : Ciena (CIEN)
CIEN 214.35+0.7%Dec 9 4:00 PM EST
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To: craig crawford who wrote (1289)2/20/1998 2:00:00 PM
From: Sam Citron  Read Replies (1) of 12623
 
Craig,

It is really unfair to compare Ciena with a great company like Lucent.
In spite of Lucent's size, Bell Labs remains on the cutting edge of many technologies from semiconductor equipment to wireless to switches and DWDM. LU is the kind of company that invests in and invents these technologies, again and again. Your praise for LU is mixed with grudging admiration and talk about sluggish growth as if all they produced were telephone handsets. You and I both know this is not true. Ciena has gotten off to a fine start but Bell Labs is simply the best of breed. It produces thousands of patents for every one that Ciena produces. Like a patient long-term investor, if only one in a hundred is a big winner, it will still be a big success. Ciena's strength is a do-or-die pureplay opportunistic approach to DWDM. It aggressively pushed the time envelope to market these wonderful gizmos and forced the product out of LU's slowmoving methodical research lab to the test beds of telecom customers anxious to expand their bandwidth, even if the product was largely untested. This is what small companies always do best. They are risk-takers and innovators. But all it takes is a glance at their prospectus to see that Ciena is dependent upon LU as a supplier, and you begin to wonder, not if, but when the supplier is going to flex its muscle.

But don't fret, if Ciena is any good at all they will find a way to co-exist with the Lucent and Nortel behemoths. For they know that they face extinction if they don't.

SC
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