On July 22, Ciena fell 3.36% in pre-market trading, trading at $393.91/share, with turnover of $265,800.

On the news front, the optical communications sector saw its two-day rebound come to a halt, with communication equipment stocks broadly weakening. Within the sector, Lumentum fell 2.81%, Applied Optoelectronics dropped 2.73%, Cisco declined 1.03%, and Arista Networks slipped 0.91%. The sector had previously rallied following a correction that began July 13, driven by profit-taking after a surge catalyzed by NVIDIA's ultra-high-capacity long-distance transmission network project. Multiple insider sales disclosed in mid-July, with executives selling shares at prices between $420 and $468, added to overhang pressure.

On fundamentals, Ciena reported interim revenue of $2.998 billion, up 36.38% year-over-year, with net income surging 588.26%. Multiple institutions maintain overweight ratings on the stock.

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