Tech Winners & Losers: Ciena - TheStreet

Tech Winners & Losers: Ciena

The stock took a big hit after the company reported a big profit decline and slashed its guidance.
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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) - Get Report

, 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) - Get Report

falling 4.2% to $22.33 and

Juniper Networks

(JNPR) - Get Report

tumbling 6% to $23.69.

Oracle's

(ORCL) - Get Report

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)

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) - Get Report

to hold from buy and slashed its price target to $15 from $20. Shares of Marvell fell 6.1% to $11.86 .