Networking Stocks Headed Lower As Ciena’s Results Disappoint

After moving higher for the most of the past month, networking stocks are giving back some ground during trading on Thursday. Disappointing earnings and guidance from Ciena Corp. (CIEN) have contributed to the selling pressure.

The weakness in the sector is reflected by the 1 percent loss currently being shown by the NYSE Arca Networking Index. With the loss, the index is pulling back off of the twenty-one month closing high set in the previous session.