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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Warpfactor who wrote (10469)	11/12/2001 11:42:17 AM
From: que seria	Read Replies (2) \| Respond to of 23153

Shorted CIEN at 19. Good company but I can't see a 50 P/E on forward (i.e., hoped-for) earnings. Especially when the "E" is generated by ignoring excluding a goodwill impairment charge, estimated restructuring costs, deferred stock compensation charges, payroll taxes on stock option exercises and amortization of intangibles and goodwill. I understand the rationale for separating goodwill if you're ginning out pro forma numbers, even though they paid for it on acquisition of Cyras, but I remain amazed that analysts go along with the pretense that regularly incurred costs of getting and keeping employees are somehow special charges. Not to mention that Ciena is a still SONET-heavy supplier to telcos.