Ciena Sharply Higher Despite Q4 Miss

Ciena Corp CIEN shares are trading higher by $3.10 (13 percent) at $24.70 in Thursday's session.

The rally is taking place even though the company came up $0.02 shy for Q4 EPS along with a slight miss for revenues. The company provided Q1 revenue guidance that fell within the range of estimates.

Following a higher open, it retreated $0.35 to $22.78 before continuing its move higher. So far, the continuation rally has taken the issue to $24.87 and it's not far off the level.

The issue has not been over $25 since December 2015, when it peaked at $25.31. That was just shy of its November 2015 high of $25.47.