Intrinsic value of Ciena - CIEN

Previous Close

$26.33

  Intrinsic Value

$30.80

stock screener

  Rating & Target

hold

+17%

Previous close

$26.33

 
Intrinsic value

$30.80

 
Up/down potential

+17%

 
Rating

hold

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 2017), $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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  3,018
  3,242
  3,475
  3,717
  3,969
  4,231
  4,503
  4,786
  5,081
  5,388
  5,708
  6,042
  6,390
  6,754
  7,133
  7,529
  7,943
  8,376
  8,829
  9,303
  9,799
  10,317
  10,861
  11,430
  12,026
  12,650
  13,305
  13,991
  14,711
  15,465
Variable operating expenses, $m
  2,137
  2,293
  2,455
  2,623
  2,799
  2,981
  3,170
  3,367
  3,572
  3,786
  3,972
  4,204
  4,447
  4,700
  4,964
  5,239
  5,528
  5,829
  6,144
  6,474
  6,818
  7,180
  7,558
  7,954
  8,368
  8,803
  9,259
  9,736
  10,237
  10,761
Fixed operating expenses, $m
  626
  640
  654
  669
  683
  698
  714
  730
  746
  762
  779
  796
  813
  831
  850
  868
  887
  907
  927
  947
  968
  989
  1,011
  1,033
  1,056
  1,079
  1,103
  1,127
  1,152
  1,178
Total operating expenses, $m
  2,763
  2,933
  3,109
  3,292
  3,482
  3,679
  3,884
  4,097
  4,318
  4,548
  4,751
  5,000
  5,260
  5,531
  5,814
  6,107
  6,415
  6,736
  7,071
  7,421
  7,786
  8,169
  8,569
  8,987
  9,424
  9,882
  10,362
  10,863
  11,389
  11,939
Operating income, $m
  255
  309
  366
  425
  487
  551
  619
  689
  763
  840
  957
  1,042
  1,130
  1,223
  1,320
  1,422
  1,528
  1,641
  1,758
  1,882
  2,012
  2,148
  2,292
  2,443
  2,601
  2,768
  2,943
  3,128
  3,322
  3,526
EBITDA, $m
  366
  425
  488
  553
  621
  692
  766
  844
  925
  1,009
  1,098
  1,190
  1,287
  1,389
  1,495
  1,607
  1,724
  1,847
  1,976
  2,111
  2,253
  2,402
  2,559
  2,724
  2,897
  3,079
  3,271
  3,472
  3,684
  3,906
Interest expense (income), $m
  47
  51
  58
  66
  74
  82
  91
  100
  110
  120
  130
  141
  152
  164
  176
  189
  202
  216
  230
  245
  261
  278
  295
  313
  332
  352
  373
  395
  418
  442
  467
Earnings before tax, $m
  204
  251
  300
  351
  404
  460
  518
  579
  643
  710
  816
  890
  966
  1,047
  1,131
  1,220
  1,313
  1,410
  1,513
  1,621
  1,734
  1,853
  1,979
  2,111
  2,249
  2,395
  2,549
  2,710
  2,880
  3,059
Tax expense, $m
  55
  68
  81
  95
  109
  124
  140
  156
  174
  192
  220
  240
  261
  283
  305
  329
  354
  381
  409
  438
  468
  500
  534
  570
  607
  647
  688
  732
  778
  826
Net income, $m
  149
  183
  219
  256
  295
  336
  378
  423
  469
  518
  596
  649
  705
  764
  826
  890
  958
  1,030
  1,105
  1,183
  1,266
  1,353
  1,444
  1,541
  1,642
  1,748
  1,860
  1,978
  2,102
  2,233

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
  4,256
  4,573
  4,901
  5,243
  5,598
  5,967
  6,351
  6,750
  7,166
  7,600
  8,051
  8,522
  9,013
  9,526
  10,061
  10,620
  11,204
  11,814
  12,453
  13,121
  13,820
  14,552
  15,318
  16,121
  16,962
  17,843
  18,766
  19,734
  20,748
  21,812
Adjusted assets (=assets-cash), $m
  4,256
  4,573
  4,901
  5,243
  5,598
  5,967
  6,351
  6,750
  7,166
  7,600
  8,051
  8,522
  9,013
  9,526
  10,061
  10,620
  11,204
  11,814
  12,453
  13,121
  13,820
  14,552
  15,318
  16,121
  16,962
  17,843
  18,766
  19,734
  20,748
  21,812
Revenue / Adjusted assets
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
Average production assets, $m
  742
  798
  855
  914
  976
  1,041
  1,108
  1,177
  1,250
  1,325
  1,404
  1,486
  1,572
  1,661
  1,755
  1,852
  1,954
  2,061
  2,172
  2,289
  2,410
  2,538
  2,672
  2,812
  2,958
  3,112
  3,273
  3,442
  3,619
  3,804
Working capital, $m
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
Total debt, $m
  1,074
  1,219
  1,370
  1,527
  1,690
  1,859
  2,035
  2,219
  2,410
  2,609
  2,816
  3,032
  3,257
  3,493
  3,738
  3,995
  4,263
  4,543
  4,836
  5,143
  5,464
  5,800
  6,151
  6,520
  6,906
  7,310
  7,734
  8,178
  8,644
  9,132
Total liabilities, $m
  1,954
  2,099
  2,250
  2,406
  2,569
  2,739
  2,915
  3,098
  3,289
  3,488
  3,696
  3,912
  4,137
  4,372
  4,618
  4,874
  5,143
  5,423
  5,716
  6,023
  6,343
  6,679
  7,031
  7,400
  7,785
  8,190
  8,614
  9,058
  9,523
  10,012
Total equity, $m
  2,303
  2,474
  2,652
  2,836
  3,028
  3,228
  3,436
  3,652
  3,877
  4,111
  4,356
  4,610
  4,876
  5,153
  5,443
  5,745
  6,061
  6,392
  6,737
  7,099
  7,477
  7,873
  8,287
  8,721
  9,176
  9,653
  10,152
  10,676
  11,225
  11,800
Total liabilities and equity, $m
  4,257
  4,573
  4,902
  5,242
  5,597
  5,967
  6,351
  6,750
  7,166
  7,599
  8,052
  8,522
  9,013
  9,525
  10,061
  10,619
  11,204
  11,815
  12,453
  13,122
  13,820
  14,552
  15,318
  16,121
  16,961
  17,843
  18,766
  19,734
  20,748
  21,812
Debt-to-equity ratio
  0.470
  0.490
  0.520
  0.540
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541
  0.541

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  183
  219
  256
  295
  336
  378
  423
  469
  518
  596
  649
  705
  764
  826
  890
  958
  1,030
  1,105
  1,183
  1,266
  1,353
  1,444
  1,541
  1,642
  1,748
  1,860
  1,978
  2,102
  2,233
Depreciation, amort., depletion, $m
  111
  117
  122
  128
  134
  141
  148
  155
  162
  169
  140
  149
  157
  166
  175
  185
  195
  206
  217
  229
  241
  254
  267
  281
  296
  311
  327
  344
  362
  380
Funds from operations, $m
  260
  300
  341
  384
  430
  477
  526
  577
  631
  687
  736
  798
  863
  930
  1,001
  1,076
  1,154
  1,236
  1,322
  1,412
  1,507
  1,607
  1,712
  1,822
  1,938
  2,060
  2,188
  2,323
  2,464
  2,614
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  259
  299
  340
  384
  429
  476
  525
  577
  630
  687
  735
  797
  862
  929
  1,000
  1,074
  1,152
  1,234
  1,320
  1,411
  1,506
  1,605
  1,710
  1,820
  1,936
  2,058
  2,186
  2,321
  2,462
  2,611
Maintenance CAPEX, $m
  -69
  -74
  -80
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -133
  -140
  -149
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
  -327
  -344
  -362
New CAPEX, $m
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -107
  -111
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
Cash from investing activities, $m
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -222
  -235
  -246
  -259
  -272
  -287
  -302
  -317
  -334
  -351
  -369
  -388
  -407
  -428
  -450
  -472
  -496
  -521
  -548
Free cash flow, $m
  137
  170
  203
  239
  275
  314
  354
  396
  440
  486
  524
  575
  627
  683
  741
  801
  865
  932
  1,003
  1,077
  1,155
  1,237
  1,323
  1,413
  1,508
  1,608
  1,714
  1,824
  1,941
  2,064
Issuance/(repayment) of debt, $m
  138
  145
  151
  157
  163
  169
  176
  183
  191
  199
  207
  216
  225
  235
  246
  257
  268
  280
  293
  307
  321
  336
  352
  368
  386
  404
  424
  444
  466
  488
Issuance/(repurchase) of shares, $m
  18
  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  
  156
  145
  151
  157
  163
  169
  176
  183
  191
  199
  207
  216
  225
  235
  246
  257
  268
  280
  293
  307
  321
  336
  352
  368
  386
  404
  424
  444
  466
  488
Total cash flow (excl. dividends), $m
  293
  315
  354
  395
  438
  483
  530
  580
  631
  685
  731
  791
  853
  918
  986
  1,058
  1,133
  1,213
  1,296
  1,384
  1,476
  1,572
  1,674
  1,781
  1,894
  2,013
  2,137
  2,269
  2,407
  2,552
Retained Cash Flow (-), $m
  -167
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -255
  -266
  -277
  -289
  -302
  -316
  -330
  -345
  -361
  -378
  -396
  -415
  -434
  -455
  -477
  -499
  -524
  -549
  -576
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
  48
  51
  55
  59
  63
  67
  72
  77
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
  158
  167
  175
  185
  194
  204
  215
  226
  238
  250
Cash available for distribution, $m
  127
  144
  176
  211
  246
  284
  323
  363
  406
  450
  487
  536
  587
  641
  697
  756
  817
  882
  951
  1,022
  1,097
  1,177
  1,260
  1,347
  1,439
  1,536
  1,638
  1,745
  1,858
  1,977
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
  121
  132
  154
  173
  191
  206
  218
  227
  233
  236
  231
  229
  223
  215
  205
  192
  178
  163
  146
  130
  114
  98
  83
  69
  56
  45
  35
  27
  20
  15
Current shareholders' claim on cash, %
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

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
Price to Sales 1.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 26.9
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 $2802 million for the last fiscal year's total revenue generated by Ciena. The default revenue input number comes from 2017 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 7.7% 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 70.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $613 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 1.7%.

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 24.6%.

Life of production assets of 10 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 0.3%. 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 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 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 $3.7 billion.

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COMPANY NEWS

▶ 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]
▶ Company News For Mar 7, 2018   [09:21AM  Zacks]
▶ What Happened in the Stock Market Today   [Mar-06-18 05:03PM  Motley Fool]
▶ Ciena Quarterly Earnings Fall But Top Estimates, Stock Jumps   [04:13PM  Investor's Business Daily]
▶ Why Shares of Ciena Corp. Surged Today   [11:22AM  Motley Fool]
▶ Wall Street Is Higher on Tuesday   [10:17AM  GuruFocus.com]
▶ Ciena reports 1Q loss   [07:15AM  Associated Press]
▶ Ciena Earnings Due, Optical Gear Maker Up 12% In 2018   [04:17PM  Investor's Business Daily]
▶ Ciena CEO Gary Smith's compensation rises 23 percent in 2017   [Feb-20-18 02:25PM  American City Business Journals]
▶ 3 Small-Caps to Buy Now According to Quant Billionaires   [Feb-19-18 08:00AM  Insider Monkey]
▶ Baltimore-area companies feel the effects of stock market plunge   [Feb-06-18 04:53PM  American City Business Journals]
▶ Finisar Downgraded, Ciena Upgraded On Industry Merger Speculation   [Jan-16-18 04:12PM  Investor's Business Daily]
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