On July 31, Ciena rose 3.45% overnight, trading at $384.91/share, with turnover of $375,600. The stock extended its recovery as the broader optical communications sector continued to rebound following a multi-day selloff triggered by Corning's disappointing earnings guidance.

The sector had experienced sustained selling pressure after Corning's results rattled investor confidence, but that pressure has gradually been absorbed over recent sessions. Industry peers posted broad-based gains, with Applied Optoelectronics up 7.59%, Lumentum up 5.73%, Nokia up 3.41%, and Arista Networks up 2.0%. On the fundamental side, Ciena reported interim revenue of $2.998 billion, up 36.38% year-over-year, with net income surging 588.26%. BNP Paribas previously raised its target price to $640 and maintained an outperform rating.

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