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To: Bill Harmond who wrote (11131)4/16/2002 9:19:43 AM
From: Bill Harmond  Read Replies (1) | Respond to of 57684
 
08:10 ET CIEN CIENA seen hit by Sprint capex cuts: Merrill (7.84)
Merrill Lynch believes that Sprint's (FON) capex reduction to $2.7 bln from $3.0 bln will affect Ciena significantly; believes Sprint represented from 10-40% of Ciena revenues in FY01, with Sprint's cuts coming in Ciena's bread and butter products; sees risk to Jul qtr numbers, reiterates Reduce/Sell and sees fair value near $5.