On July 28, Ciena declined 3.25% overnight, trading at $365.0/share, with turnover of $407,700.

On the news front, the optical communication sector's prior rebound failed to sustain momentum, with selling pressure yet to be fully absorbed, causing the sector to come under renewed pressure. Communication equipment stocks broadly weakened, with Nokia down 3.88%, Lumentum down 3.31%, and Arista Networks down 1.91%.

On the fundamental side, Ciena's latest interim report showed revenue of $2.998 billion, up 36.38% year-over-year, with net profit surging 588.26%. BNP Paribas previously raised its target price to $640 and maintained an outperform rating. However, near-term technical selling pressure across the sector continues to weigh on the stock price.

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