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To: E.J. Neitz Jr who wrote (40722)	6/18/2002 9:56:36 AM
From: BWAC	Read Replies (2) \| Respond to of 53068

All the telco capital spending budgets had been constrained back then as well too. 1998: CIEN was all but merged into TLAB, TLAB backed out of the agreement cause AT&T cancelled a big order with CIEN, telco budgets were being restrained. CIEN dropped to $10ish, split adjusted that would be equivalent to the $5 level today, righted the ship over the next year, and went to $160. (Never to be bought out? Yet? Which suprises me? Especially given their EVEN better now balance sheet than back in 1998? CIEN wasn't all that great a cash rich value back in '98, like it is now. I guess the 2002 version is a far better value based on that criteria)