Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60884)	2/22/2002 1:28:34 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Ciena Revenue Falls Sharply in Quarter washingtonpost.com By Yuki Noguchi Washington Post Staff Writer Friday, February 22, 2002; Page E01 Ciena Corp. reported yesterday that revenue fell 54 percent in its first quarter and warned that revenue in the current quarter will be much lower than the fiber-optics maker forecast just two weeks ago. Two of the Linthicum, Md.-based firm's biggest customers canceled or delayed their orders Wednesday evening, which altered sales projections, said Gary B. Smith, chief executive of the firm. Smith said he expects second-quarter revenue to fall to about $100 million -- far short of the $162.2 million in first-quarter sales that the company previously said it would match. During its first fiscal quarter, which ended Jan. 31, Ciena's revenue fell 54 percent and its losses mounted to $70.6 million (22 cents per share), the company announced yesterday. That compares with revenue of nearly $352 million and net income of $53.2 million, or 19 cents per share during the same period last year.

To: StanX Long who wrote (60884)	2/22/2002 6:03:16 AM
From: Sam Citron	Read Replies (1) \| Respond to of 70976

Fascinating '96 Fed meeting minutes at federalreserve.gov Wish we could get them to join our thread. <g> Excerpt: Lawrence Lindsey 9/24/96 ...But that is not where I am most worried. What worries me more is that our luck is about to run out in the financial markets because of what I would consider a gambler's curse: We have won this long, let us keep the money on the table. You can see early signs of this. It includes real estate appreciation in the Hamptons, Connecticut, and Manhattan. BMW and Mercedes both had their best summer in history in the United States. The IBES earnings expectations survey for 5-year projected earnings hit a 12-year high in August. It indicates that earnings are expected to grow at a rate of a little over 11-1/2 percent per year. Now, if we assume nominal GDP growth of 5-1/2 percent over the same period, this means that NIPA profits will rise from 10.7 percent of national income to 14.3 percent of national income in 2001. Readers of this transcript five years from now can check this fearless prediction: Profits will fall short of this expectation. Unfortunately, optimism is ripe in the markets. Excessive optimism is also necessary to justify current levels of IPO activity and valuations of highly speculative stocks. While it is not so large as to exert undue pressure on the real side of the U.S. economy, this emerging bubble is nonetheless real. AS a survivor of the so-called Massachusetts miracle to which Cathy Minehan referred earlier, I can attest that everyone enjoys an economic party. But the long-term costs of a bubble to the economy and society are potentially great. They include a reduction in the long-term saving rate, a seemingly random redistribution of wealth, and the diversion of scarce financial human capital into the acquisition of wealth. As in the United States in the late 1920s and Japan in the late 1980s. the case for a central bank ultimately to burst that bubble becomes overwhelming. I think it is far better that we do so while the bubble still resembles surface froth and before the bubble carries the economy to stratospheric heights. Whenever we do it, it is going to be painful, however... federalreserve.gov