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Ciena (CIEN) - Get Ciena Corporation Report plunged about 10 points in heavy trading around noon but quickly recovered and was up 13.9% in early afternoon trading. The telecom equipment maker acknowledged in an SEC filing that its 1997 and 1998 tax returns are under investigation by the IRS, but it dismissed the investigation as old news and said it is confident the audit is routine, according to published reports. Several analysts reiterated buy ratings today, a day after Ciena raised its outlook for the fourth quarter and for 2001.

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