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Ciena Gives Back Ground But Remains Sharply Higher

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.

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