'Mad Money' Spotlight: Cramer's Tech Specs

Do you hear that sound? That's the noise of a thousand engineers squealing at news of Apple's new iPhone 3GS. And new MacBook. And new iPhone OS.

It's no surprise that Apple is gobbling the headlines today from the company's Worldwide Developers Conference. Even Jim Cramer loves them. But he also revisited his love for some small, speculative tech plays too on last Friday's "Mad Money."

Tessera Technologies(TSRA Quote), Ciena(CIEN Quote) and Brocade Communications(BRCD Quote) were all up 34%, 12% and 27% since the last time Cramer mentioned them. Still, each of the companies are tracking in the red today, down 3.4%, 1.7% and 2.4% respectively today.

The biggest thud of the three came out of Linthicum, Md., last Thursday when Ciena laid bare its second-quarter earnings. While analysts expected a loss per share of 9 cents, Ciena did them one better (or worse), showing off an adjusted loss of 25 cents. Losses came to $22.5 million in the quarter. But Ciena's losses actually tallied $503.2 million, which comes to $5.53 a share, following a massive $455.7 million impairment charge. Sales plummeted 41% in the quarter from $242 million in the year-ago period to $144.2 million.

CEO Gary Smith didn't exactly inspire confidence about the future. "Our fiscal second quarter was particularly challenging, reflecting the difficult macro and industry environment and continued delays in customer spending," Smith said in a release.

"While recent service providers' public commentary about expected annual capital expenditures has given the industry reason to be more optimistic about the second half of the year, our customers continue to spend cautiously, and as a result, our visibility remains limited."