Ciena Outlook Weighs on Networking ETF

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Investors pummeled shares of Ciena (NasdaqGS: CIEN) in Wednesday’s premarket, pushing the stock lower by 13% after the provider of optical networking equipment was out with a disappointing outlook.

Ciena announced fiscal-second quarter results that missed analyst expectations.

The stock is a nearly 3% holding in iShares S&P North American Technology-Multimedia Networking (NYSEArca: IGN).

The ETF is down 11.6% over the past three months, according to Morningstar. It is trading close to its 200-day exponential moving average.

iShares S&P North American Technology-Multimedia Networking