Networking company Ciena falls 30% after warning on lower tech demand
03 September 2020 - 21:34
New York — Ciena, a supplier of fibre-optic equipment in large networks, delivered a wake-up call to investors Thursday — falling the most in 19 years after warning that major customers are trimming their tech spending.
Shares of Ciena, whose equipment operates at the core of large internet operations such as phone companies and data centres, fell as much as 30% to $42.25 in their biggest intraday drop since August 2001, when many technology stocks were crumbling...
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