Why Ciena Stock Tumbled by Nearly 6% on Tuesday
It was a tough trading session for many tech stocks.
Why Ciena Stock Tumbled by Nearly 6% on Tuesday
Overview
Bearish investor sentiment on the tech sector and an upsized debt offering were two key factors driving Ciena's (NYSE: CIEN) stock down again on Tuesday. Investors eagerly sold the stock, pushing it down by almost 6%, compounding the over 4% drop it endured in Monday's trading session.
Ciena can't escape the broader rout of legacy tech titles, driven by several negative, converging factors. The first is the suddenly sharper chance of the Federal Reserve raising interest rates this year, on the back of the latest official employment statistics showing much higher-than-expected job creation (a situation that is very likely to increase inflation).
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Originally published at www.fool.com.
