|
|
Article: WorldCom purchase slowdown hits Ciena.(Business)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- February 21, 1998
- Author:
CopyrightCOPYRIGHT 1998 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Ciena Corp.'s shares dropped 28 percent yesterday after the company said one of its major customers will delay buying its telecommunications equipment.
On Thursday, the fast-growing Linthicum, Md., company reported healthy financial growth for the quarter. But Ciena also said WorldCom Inc., one of its main customers, would slow purchases of Ciena's equipment until late 1998.
"[The announcement] is a problem," said Joseph Nyi Nyi, an analyst at Gilford Securities in New York. "Right now, I think the market is overreacting."
Ciena's stock dropped to $42 from $58.13 yesterday on Nasdaq.
Ciena makes telecommunications equipment that ...