Why Ciena Stock Flopped Today

Shares of optical networking equipment maker Ciena Communications (CIEN -13.62%) were down by 13.5% as of 11:15 a.m. ET Thursday, despite the company delivering expectations-beating results on both sales and earnings in the quarterly report it released before the opening bell.Heading into earnings day, analysts had forecast Ciena would earn $0.48 per share (adjusted for one-time items) on sales of$1.02 billion in its fiscal 2024 first quarter. The actual numbers: $0.66 per share on sales of$1.04 billion.  ...