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September 22, 2004 Stock Pick: CIENA Corporation (CIEN)

Stock Price: $1.94

Ciena Corp. is a telecommunications equipment maker that delivers network solutions to cable operators and major business enterprises. Their network solutions include virtual private networks (VPN), storage, voice over internet protocol (VoIP), and video on demand (VOD).

CIEN has been dropping steadily since mid-January when it was over $8. We believe the stock is now punished enough after the company cut its Q3 revenue outlook. CIEN has been floating around $2 a share now for over a month. We believe it has no where to go but up from here.

CIEN's current book value is $2.33 per share.

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