We know that Finisar just reported a terrific quarter. I think it is still cheap, but how about the test and measurement of optical fibers? That's a business that's owned by JDS Uniphase (JDSU - Get Report). JDSU is a cats-and-dogs company that, as the orders come through for its equipment, might be worth dramatically more now than what the stock is selling for. The company isn't due to report until Oct. 30, but it's hard to believe it won't have some big orders to announce by then.
There's been a lid on Juniper (JNPR - Get Report) ever since Cisco spoke. Everyone's always gun-shy about Juniper after multiple years of disappointment, but need I remind you that a rising tide does indeed lift all boats? I think that Juniper's having a fabulous quarter, but no one wants to get behind it. That's a mistake.
We know from Ciena that business is very strong, but that stock's just had a humongous move, and I think needs to see a pullback before you go after it again. However, last week, when I spoke to Xilinx (XLNX - Get Report), the company made this very clear: The money from Sprint (S), T-Mobile (TMUS) and AT&T (T) is being spent with alacrity now that the first two have rich foreign backers and the last is furiously trying to catch up in quality to Verizon (VZ) Wireless. Don't forget, again, how much Vodafone has to order from Xilinx in order to get its network up to snuff.
This fourth quarter, historically strong for this group, could be explosive. Only Ciena reflects that right now. Soon they all will, but it's not too late to buy any of them to play this next generation of telco spend, the one that seems to have been delayed for years and that is at last upon us.