Crumbling Ciena Fumbles for Core Values

Updated from 9:12 a.m. EST

Frosted by the industrywide spending freeze, Ciena (CIEN Quote) is whittling its business down to the core.

The maker of optical telecom gear Tuesday laid plans to focus its business more closely on its highly successful CoreDirector optical switch. Alas, the idea didn't exactly visit Ciena CEO Gary Smith in a dream: The company arrived at the decision as its customers, big telcos such as Qwest and Sprint, continue to trim back on spending for optical transport gear, which they bought by the warehouseful last year. ...