& cplSiteName &

Optical Stocks Hit by Rumor

Light Reading
News Analysis
Light Reading

Optical stocks took a beating on the Nasdaq today, with some down more than 10 percent.

One reason could be rumors floating around Wall Street that research analyst Paul Sagawa of Sanford C. Bernstein & Co. Inc. will downgrade several optical stocks this evening after the market closes. Sagawa will lead a conference call tomorrow morning at 11 a.m. EST where he is expected to announce negative optical industry news, based on a survey of over 60 companies in the sector.

One of the stocks hit the hardest today was ADC Telecom (Nasdaq: ADCT). Coming down off its high of $29 this morning, the stock fell roughly 11 percent. JDS Uniphase Inc. (Nasdaq: JDSU) also took a hit, its stock falling about 5 percent. Lucent Technologies Inc. (NYSE: LU) and Nortel Networks Corp. (NYSE/Toronto: NT) also dipped about 5.5 percent and 9.2 percent, respectively. High flyers such as Juniper Networks Inc. (Nasdaq: JNPR) (down 2 percent) and Corvis Corp. (Nasdaq: CORV) (down 7 percent) also suffered.

Sagawa did not return phone calls before press time.

-- Marguerite Reardon, senior editor, Light Reading, http://www.lightreading.com

(0)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
Featured Video
Upcoming Live Events
September 17-19, 2019, Dallas, Texas
October 1-2, 2019, New Orleans, Louisiana
October 10, 2019, New York, New York
October 22, 2019, Los Angeles, CA
November 5, 2019, London, England
November 7, 2019, London, UK
December 3, 2019, New York, New York
December 3-5, 2019, Vienna, Austria
March 16-18, 2020, Embassy Suites, Denver, Colorado
May 18-20, 2020, Irving Convention Center, Dallas, TX
All Upcoming Live Events