Ciena, Customers Just Can't Get Together

Collecting customers is one thing. Now Ciena (CIEN Quote) investors are getting antsy about when the cash will start tumbling in.

After posting slightly weaker-than-expected third-quarter sales and warning of a possible fourth-quarter slide, the networking gearmaker on Thursday had its fans pondering once more when Ciena might fulfill its considerable promise.

The question arises because Ciena remains the rare telecom shop hoping to pursue success through growth. Where many rivals have jettisoned promising but unprofitable businesses, Ciena has been acquiring. And having compiled an impressive list of telco customers over the past year -- AT&T (T Quote), Telmex (TMX Quote) and British Telecom (BTY Quote) come to mind -- Ciena has "potential" written all over it.

But Thursday wasn't the day for realizing Wall Street's dreams, as a glaring absence of big orders fed Ciena's second-straight quarterly sales decline. After sliding 7% early, the stock was unchanged around midday at $5.82. ...