Optical networking company
saw its shares fizzle after it set 2008 targets below Wall Street expectations. The company expects sales to grow 20% from fiscal 2007, but analysts polled by Thomson Financial were expecting sales to rise 22% to $945.4 million. Ciena was down $5.08, or 12.1%, to $37.04.
New York brokerage
was among the heavily traded decliners after its fiscal fourth-quarter profit
dropped 11.9% year over year to $870 million, or $1.54 a share, even though that beats Thomson Financial's estimates by 12 cents a share. Primarily responsible for the damage were $830 million in writedowns from its fixed-income capital markets business.
That's an improvement from last quarter's comparable figure, which was in excess of $1 billion, and pales in comparison to the gargantuan writedowns that many of its peers continue to incur for collateralized debt obligations and leveraged loans. Still, Lehman shares were recently sinking $1.51, or 2.4%, to $60.31.
rose 3.7% after a Wall Street analyst commented that an unfavorable letter from some members of Congress to Attorney General Michael Mukasey over approval of the Sirius-XM merger is unlikely to impact the deal.
Sirius also fought back Thursday with a list of Congressional representatives in favor of the deal. Shares of the satellite radio provider were up 12 cents to $3.41.
rose 78 cents, or 5.9%, to $13.99.
Among the losers was bond insurer
Security Capital Assurance
, which issued a response today to Fitch Ratings, which had threatened to downgrade the company from its crucial AAA rating unless it were to raise more than $2 billion in six weeks. Security Capital said it cannot guarantee that it will raise that much in the given timeframe. Shares plummeted 22.4% to $4.23.
, a maker of custom semiconductor products, announced
would buy the Idaho-based company for $915 million in stock. AMIS shareholders are to receive 1.15 shares of ON for every share of AMIS held. Shares of AMIS took off 31.2% to $9.64, while ON was down 3.2% at $8.54.
jumped 8.8% after saying it hasn't a clue why its stock has taken such a beating over the past couple of days. The Baltimore firm also reminded investors that it isn't involved in subprime lending or any other single-family mortgages. Shares were up $1.17 to $14.42 in substantial recovery from those losses.