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 - Cramer on CIEN - Stock Picks), 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 - Cramer on CSCO - Stock Picks) falling 4.2% to $22.33 and Juniper Networks(JNPR Quote - Cramer on JNPR - Stock Picks) tumbling 6% to $23.69.

Oracle's(ORCL Quote - Cramer on ORCL - Stock Picks) 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 - Cramer on CAVM - Stock Picks) 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 - Cramer on MRVL - Stock Picks) to hold from buy and slashed its price target to $15 from $20. Shares of Marvell fell 6.1% to $11.86 .