Ciena Corporation (CIEN): Today's Featured Technology Winner

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

Ciena Corporation ( CIEN) pushed the Technology sector higher today making it today's featured technology winner. The sector as a whole closed the day down 2.4%. By the end of trading, Ciena Corporation rose $1.27 (9.6%) to $14.45 on heavy volume. Throughout the day, 11.3 million shares of Ciena Corporation exchanged hands as compared to its average daily volume of 4.6 million shares. The stock ranged in a price between $13.75-$14.86 after having opened the day at $13.75 as compared to the previous trading day's close of $13.18. Other companies within the Technology sector that increased today were: VirnetX ( VHC), up 27.8%, Procera Networks ( PKT), up 14.5%, Tangoe ( TNGO), up 12.7%, and China TechFaith Wireless Comm Tech ( CNTF), up 11.3%.
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Ciena Corporation provides equipment, software, and service solutions that support the transport, switching, aggregation, and management of voice, video, and data traffic on communications networks worldwide. Ciena Corporation has a market cap of $1.32 billion and is part of the telecommunications industry. The company has a P/E ratio of -10.3, below the S&P 500 P/E ratio of 17.7. Shares are up 8.8% year to date as of the close of trading on Tuesday. Currently there are 13 analysts that rate Ciena Corporation a buy, no analysts rate it a sell, and five rate it a hold.

TheStreet Ratings rates Ciena Corporation as a sell. The area that we feel has been the company's primary weakness has been its relatively poor performance when compared with the S&P 500 during the past year.

On the negative front, Plexus ( PLXS), down 26.6%, THQ ( THQI), down 22.7%, STEC ( STEC), down 19.4%, and Rubicon Technology ( RBCN), down 19.2%, were all laggards within the technology sector with Seagate Technology ( STX) being today's technology sector laggard.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

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