Tech Winners & Losers: Ciena

Tech stocks took a sharp dive on Thursday along with the rest of the major market indices following bleak employment figures.

The Nasdaq fell 2.9% to 2267 in recent trading.

The big loser was communications-equipment maker Ciena(CIEN Quote), which sank 25% to $13.16 after reporting a big dip in third-quarter profit. The company slashed its guidance for fourth quarter sales, citing purchasing delays by large telecom customers.

The news dragged down the rest of the sector, with Cisco(CSCO Quote) falling 4.2% to $22.33 and Juniper Networks(JNPR Quote) tumbling 6% to $23.69.

Oracle's(ORCL Quote) stock took a hit after JMP Securities cut its forecast for total licenses in the first quarter to $1.21 billion and also trimmed its revenue outlook to $5.35 billion from $5.399 billion.

The stock was also hurt by a court ruling in a shareholder lawsuit, which found that the Oracle had improperly withheld evidence in the case.

Shares were down 4.8% to $20.17.

Cavium Networks'(CAVM Quote) shares slipped on Thursday after Deutsche Bank cut its rating to hold from buy and reduced the company's price target to $19 from $25. The stock was down 12.2% to $14.64.

Deutsche Bank also lowered its rating on Marvell(MRVL Quote) to hold from buy and slashed its price target to $15 from $20. Shares of Marvell fell 6.1% to $11.86 .