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To: Mark Fowler who wrote (7798)	7/2/2001 11:00:23 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 57684

From Briefing today: CIENA Corp (CIEN) 36.00 -2.00: SG Cowen downgrades to BUY from STRONG BUY as recent evidence suggests that the long haul optical market continues to erode, and firm believes investor concern over the potential for Ciena's long haul DWDM business to decline will limit stock's near-term upside potential; firm maintains a very positive long-term outlook; CIEN remains firm's top pick in the optical sector due to its dominant position in the emerging optical switch market, the continued expansion of its product line, and flawless execution in a difficult market environment. My position is still bullish on Ciena.