Ciena Stock Slides as AI Networking Boom Faces a Tough Test
Ciena shares fell 6.5% to $473.46 Tuesday afternoon, tracking declines in other optical-networking stocks after Corning’s second-quarter sales outlook missed Wall Street estimates. Corning shares dropped over 5% despite reporting 36% growth in first-quarter optical sales. Ciena’s recent results remain strong, but its order backlog has outpaced supply and the stock trades at a high valuation.