Intrinsic value of Ciena - CIEN

Previous Close

$29.03

  Intrinsic Value

$16.00

stock screener

  Rating & Target

sell

-45%

Previous close

$29.03

 
Intrinsic value

$16.00

 
Up/down potential

-45%

 
Rating

sell

We calculate the intrinsic value of CIEN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  2,891
  2,989
  3,095
  3,209
  3,332
  3,463
  3,603
  3,752
  3,910
  4,079
  4,257
  4,446
  4,646
  4,857
  5,079
  5,315
  5,563
  5,824
  6,099
  6,390
  6,695
  7,017
  7,355
  7,711
  8,086
  8,479
  8,893
  9,329
  9,787
  10,268
Variable operating expenses, $m
  2,046
  2,114
  2,187
  2,267
  2,352
  2,443
  2,540
  2,644
  2,754
  2,871
  2,958
  3,089
  3,228
  3,375
  3,529
  3,693
  3,865
  4,047
  4,238
  4,440
  4,652
  4,876
  5,111
  5,358
  5,618
  5,892
  6,180
  6,482
  6,800
  7,134
Fixed operating expenses, $m
  630
  643
  658
  672
  687
  702
  717
  733
  749
  766
  783
  800
  817
  835
  854
  873
  892
  911
  931
  952
  973
  994
  1,016
  1,038
  1,061
  1,085
  1,109
  1,133
  1,158
  1,183
Total operating expenses, $m
  2,676
  2,757
  2,845
  2,939
  3,039
  3,145
  3,257
  3,377
  3,503
  3,637
  3,741
  3,889
  4,045
  4,210
  4,383
  4,566
  4,757
  4,958
  5,169
  5,392
  5,625
  5,870
  6,127
  6,396
  6,679
  6,977
  7,289
  7,615
  7,958
  8,317
Operating income, $m
  216
  232
  250
  270
  293
  318
  345
  375
  407
  442
  516
  557
  600
  647
  696
  749
  806
  866
  930
  998
  1,070
  1,147
  1,228
  1,315
  1,406
  1,503
  1,605
  1,714
  1,829
  1,950
EBITDA, $m
  344
  363
  384
  408
  435
  464
  495
  530
  567
  607
  650
  697
  746
  799
  856
  916
  980
  1,049
  1,122
  1,199
  1,281
  1,367
  1,459
  1,557
  1,660
  1,769
  1,885
  2,007
  2,136
  2,273
Interest expense (income), $m
  47
  51
  53
  56
  59
  63
  67
  71
  75
  79
  84
  89
  95
  100
  107
  113
  120
  127
  134
  142
  151
  160
  169
  179
  189
  200
  211
  223
  236
  249
  263
Earnings before tax, $m
  165
  179
  194
  211
  230
  251
  275
  300
  328
  358
  427
  462
  500
  540
  583
  629
  679
  731
  787
  847
  911
  978
  1,050
  1,126
  1,206
  1,292
  1,382
  1,478
  1,579
  1,687
Tax expense, $m
  45
  48
  52
  57
  62
  68
  74
  81
  89
  97
  115
  125
  135
  146
  157
  170
  183
  197
  213
  229
  246
  264
  283
  304
  326
  349
  373
  399
  426
  455
Net income, $m
  121
  130
  142
  154
  168
  183
  200
  219
  239
  261
  312
  337
  365
  394
  426
  459
  495
  534
  575
  618
  665
  714
  766
  822
  880
  943
  1,009
  1,079
  1,153
  1,231

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,835
  3,964
  4,105
  4,256
  4,419
  4,593
  4,778
  4,976
  5,186
  5,409
  5,646
  5,896
  6,161
  6,441
  6,737
  7,048
  7,377
  7,724
  8,089
  8,474
  8,879
  9,306
  9,755
  10,227
  10,724
  11,246
  11,795
  12,372
  12,979
  13,617
Adjusted assets (=assets-cash), $m
  3,835
  3,964
  4,105
  4,256
  4,419
  4,593
  4,778
  4,976
  5,186
  5,409
  5,646
  5,896
  6,161
  6,441
  6,737
  7,048
  7,377
  7,724
  8,089
  8,474
  8,879
  9,306
  9,755
  10,227
  10,724
  11,246
  11,795
  12,372
  12,979
  13,617
Revenue / Adjusted assets
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
  0.754
Average production assets, $m
  509
  526
  545
  565
  586
  609
  634
  660
  688
  718
  749
  782
  818
  855
  894
  935
  979
  1,025
  1,074
  1,125
  1,178
  1,235
  1,294
  1,357
  1,423
  1,492
  1,565
  1,642
  1,722
  1,807
Working capital, $m
  413
  427
  443
  459
  476
  495
  515
  537
  559
  583
  609
  636
  664
  694
  726
  760
  795
  833
  872
  914
  957
  1,003
  1,052
  1,103
  1,156
  1,213
  1,272
  1,334
  1,399
  1,468
Total debt, $m
  985
  1,040
  1,099
  1,164
  1,233
  1,307
  1,386
  1,470
  1,559
  1,654
  1,754
  1,861
  1,973
  2,092
  2,218
  2,350
  2,490
  2,638
  2,793
  2,956
  3,129
  3,310
  3,501
  3,701
  3,912
  4,134
  4,368
  4,613
  4,871
  5,142
Total liabilities, $m
  1,630
  1,685
  1,744
  1,809
  1,878
  1,952
  2,031
  2,115
  2,204
  2,299
  2,400
  2,506
  2,619
  2,737
  2,863
  2,996
  3,135
  3,283
  3,438
  3,602
  3,774
  3,955
  4,146
  4,346
  4,558
  4,779
  5,013
  5,258
  5,516
  5,787
Total equity, $m
  2,205
  2,279
  2,360
  2,447
  2,541
  2,641
  2,748
  2,861
  2,982
  3,110
  3,246
  3,390
  3,543
  3,704
  3,874
  4,053
  4,242
  4,441
  4,651
  4,873
  5,106
  5,351
  5,609
  5,880
  6,166
  6,466
  6,782
  7,114
  7,463
  7,830
Total liabilities and equity, $m
  3,835
  3,964
  4,104
  4,256
  4,419
  4,593
  4,779
  4,976
  5,186
  5,409
  5,646
  5,896
  6,162
  6,441
  6,737
  7,049
  7,377
  7,724
  8,089
  8,475
  8,880
  9,306
  9,755
  10,226
  10,724
  11,245
  11,795
  12,372
  12,979
  13,617
Debt-to-equity ratio
  0.450
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
Adjusted equity ratio
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575
  0.575

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  130
  142
  154
  168
  183
  200
  219
  239
  261
  312
  337
  365
  394
  426
  459
  495
  534
  575
  618
  665
  714
  766
  822
  880
  943
  1,009
  1,079
  1,153
  1,231
Depreciation, amort., depletion, $m
  128
  131
  134
  138
  142
  146
  150
  155
  160
  165
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  221
  231
  242
  254
  266
  280
  293
  308
  323
Funds from operations, $m
  248
  261
  276
  292
  310
  329
  351
  374
  399
  426
  446
  477
  511
  547
  585
  627
  670
  717
  766
  819
  875
  934
  997
  1,064
  1,135
  1,209
  1,288
  1,372
  1,461
  1,554
Change in working capital, $m
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
  59
  62
  65
  69
Cash from operations, $m
  236
  247
  261
  275
  292
  310
  331
  353
  376
  402
  420
  450
  482
  517
  554
  593
  635
  680
  727
  778
  831
  888
  949
  1,013
  1,081
  1,153
  1,229
  1,310
  1,395
  1,485
Maintenance CAPEX, $m
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -210
  -221
  -231
  -242
  -254
  -266
  -280
  -293
  -308
New CAPEX, $m
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
Cash from investing activities, $m
  -103
  -108
  -113
  -117
  -123
  -128
  -134
  -139
  -146
  -153
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -231
  -243
  -255
  -267
  -281
  -294
  -308
  -323
  -339
  -357
  -374
  -393
Free cash flow, $m
  132
  139
  148
  158
  170
  183
  197
  213
  231
  250
  261
  283
  307
  334
  362
  392
  424
  459
  496
  535
  577
  621
  669
  719
  773
  830
  890
  954
  1,021
  1,093
Issuance/(repayment) of debt, $m
  49
  55
  60
  64
  69
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  147
  155
  164
  172
  181
  191
  201
  211
  222
  233
  245
  258
  271
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  49
  55
  60
  64
  69
  74
  79
  84
  89
  95
  101
  106
  113
  119
  126
  133
  140
  147
  155
  164
  172
  181
  191
  201
  211
  222
  233
  245
  258
  271
Total cash flow (excl. dividends), $m
  181
  194
  208
  222
  239
  257
  276
  297
  320
  345
  361
  389
  420
  452
  487
  524
  564
  606
  651
  698
  749
  803
  860
  920
  984
  1,052
  1,123
  1,199
  1,279
  1,364
Retained Cash Flow (-), $m
  -69
  -75
  -81
  -87
  -93
  -100
  -107
  -114
  -121
  -128
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
  -286
  -300
  -316
  -332
  -349
  -367
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  112
  120
  127
  135
  145
  157
  169
  183
  199
  216
  225
  245
  268
  292
  317
  345
  375
  407
  441
  477
  516
  557
  602
  648
  698
  751
  807
  867
  930
  997
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  108
  110
  110
  111
  113
  114
  114
  115
  114
  113
  107
  105
  102
  98
  93
  88
  82
  75
  68
  61
  53
  46
  39
  33
  27
  22
  17
  13
  10
  8
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ciena Corporation is a network strategy and technology company, which provides solutions that enable a range of network operators to adopt communication architectures and deliver an array of services, relied upon by enterprise and consumer end users. It provides equipment, software and services that support the transport, switching, aggregation, service delivery and management of voice, video and data traffic on communications networks. It segments include Networking Platforms; Software and Software-Related Services, and Global Services. The Networking Platforms segment consists of Converged Packet Optical, Packet Networking and Optical Transport product portfolios. The software business is engaged in the development and licensing of element and network management software and software-related services that support its hardware offerings. It offers a suite of consulting and support services that help its customers to design, optimize, deploy and maintain their communications networks.

FINANCIAL RATIOS  of  Ciena (CIEN)

Valuation Ratios
P/E Ratio 3.3
Price to Sales 1.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.2%
Cap. Spend. - 3 Yr. Gr. Rate 14.6%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 30.8%
Total Debt to Equity 47.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 48.1%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 48.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.8%
Return On Equity 87%
Return On Equity - 3 Yr. Avg. 34%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 44.5%
Gross Margin - 3 Yr. Avg. 44.4%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 45%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate -709%
Eff/ Tax Rate - 3 Yr. Avg. -214.3%
Payout Ratio 0%

CIEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIEN stock intrinsic value calculation we used $2801.687 million for the last fiscal year's total revenue generated by Ciena. The default revenue input number comes from 0001 income statement of Ciena. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CIEN stock valuation model: a) initial revenue growth rate of 3.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CIEN is calculated based on our internal credit rating of Ciena, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ciena.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CIEN stock the variable cost ratio is equal to 70.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $616 million in the base year in the intrinsic value calculation for CIEN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ciena.

Corporate tax rate of 27% is the nominal tax rate for Ciena. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CIEN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CIEN are equal to 17.6%.

Life of production assets of 5.6 years is the average useful life of capital assets used in Ciena operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CIEN is equal to 14.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2136.342 million for Ciena - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 142.828 million for Ciena is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ciena at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Is Now the Time to Put the Brakes on Ciena Stock?   [Oct-05-18 09:55AM  InvestorPlace]
▶ IBD Stock Of The Day: Diversification Key To This Fiber-Optic Player   [Sep-26-18 04:16PM  Investor's Business Daily]
▶ Why Ciena Spiked After Its Recent Earnings Report   [Sep-12-18 06:00AM  Motley Fool]
▶ Ciena (CIEN) Q3 2018 Earnings Conference Call Transcript   [Sep-07-18 09:04AM  Motley Fool]
▶ Ciena Announces Intent to Acquire DonRiver   [Sep-05-18 07:00AM  Business Wire]
▶ Company News For Aug 31, 2018   [Aug-31-18 09:46AM  Zacks]
▶ 3 Stocks Move Thursday   [Aug-30-18 05:17PM  GuruFocus.com]
▶ Ciena shares soar on better-than-expected earnings   [11:53AM  American City Business Journals]
▶ Ciena Corporation Soars on Q3 Earnings Beat   [11:41AM  InvestorPlace]
▶ [$$] Ciena 3Q Profit Falls 15% on Higher Tax Provision   [11:37AM  The Wall Street Journal]
▶ Ciena: Fiscal 3Q Earnings Snapshot   [07:26AM  Associated Press]
▶ Ciena Corporation to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Ciena's Q3 Earnings Preview   [Aug-29-18 02:49PM  Benzinga]
▶ Ciena to Webcast Financial Community Events   [11:30AM  Business Wire]
▶ The top Baltimore-area performers during the stock market's longest bull run   [Aug-22-18 03:03PM  American City Business Journals]
▶ Ciena Strengthens Presence in Japan with New Office   [Aug-19-18 07:00PM  Business Wire]
▶ 4 Reasons Infinera is Buying Coriant for $430 Million   [Jul-25-18 05:40PM  Motley Fool]
▶ Morgan Stanley Says Ciena Can Outgrow The Market   [Jun-25-18 02:53PM  Benzinga]
▶ 5 Cheap Stocks Primed for a Summer Rally   [12:52PM  TheStreet.com]
▶ How Financially Strong Is Ciena Corporation (NYSE:CIEN)?   [Jun-22-18 08:30AM  Simply Wall St.]
▶ Ciena Adds Leadership and Expertise in Asia Pacific   [Jun-19-18 10:00PM  Business Wire]
▶ Why the Market Has Ciena All Wrong   [Jun-14-18 06:31AM  Motley Fool]
▶ [$$] New Accounting Rules Change How Some Companies Sell Goods, Services   [Jun-12-18 08:13PM  The Wall Street Journal]
▶ Ciena to Webcast Financial Community Events   [09:00AM  Business Wire]
▶ Wired News - Ciena to Buy Packet Design, LLC   [Jun-04-18 07:20AM  ACCESSWIRE]
▶ Ciena Earnings Miss Views; New International Orders Hit Margins   [May-31-18 04:24PM  Investor's Business Daily]
▶ [$$] Ciena to Acquire Lone Rock-Backed Packet Design   [03:11PM  The Wall Street Journal]
▶ Ciena: Fiscal 2Q Earnings Snapshot   [07:17AM  Associated Press]
▶ Ciena Earnings Preview   [May-30-18 03:48PM  Benzinga]
▶ Baltimore-area companies fall short of Fortune 500 list   [May-29-18 02:11PM  American City Business Journals]
▶ Dow Jones Futures Rise On Trump China Tweets; These Tech Stocks Soar   [May-14-18 07:02AM  Investor's Business Daily]
▶ Infinera Stock Plunges On Pricing Pressure Worries, Ciena Falls Too   [May-10-18 04:50PM  Investor's Business Daily]
▶ Jim Cramer Weighs In On T-Mobile, Skechers And More   [May-09-18 07:16AM  Benzinga]
▶ Ciena Might Gain From U.S. Sales Ban On Chinese Gear Maker ZTE   [Apr-17-18 04:10PM  Investor's Business Daily]
▶ Ciena Remembers Longtime Board Member Berry Cash   [Apr-12-18 04:30PM  Business Wire]
▶ Moving Average Crossover Alert: Ciena (CIEN)   [Mar-23-18 09:45AM  Zacks]
▶ 3 Takeaways from Ciena's Strong Earnings Report   [Mar-17-18 10:11AM  Motley Fool]
▶ Ciena, Cisco Shine at OFC Conference, Says Goldman   [Mar-14-18 11:59AM  Barrons.com]
▶ SMTC Appoints Steve Waszak as Chief Financial Officer   [Mar-13-18 06:20PM  GlobeNewswire]

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