Ciena Gives Back Ground But Remains Sharply Higher

(RTTNews) - After moving sharply higher early in the sessions, shares of Ciena Corp. (CIEN) have given back some ground but remain firmly positive in late-day trading on Thursday. Ciena is currently up by 8.9 percent after reaching an eleven-year intraday high.

The early rally by Ciena came after the networking equipment maker reported better than expected fiscal fourth quarter results and announced a new $500 million stock repurchase program.

Ciena reported fourth quarter adjusted earnings of $0.53 per share on revenues of $899.4 million, while analysts had expected the company to earn $0.48 per share on revenues of $860.5 million.