Ciena shares jump after Barclays upgrade
NEW YORK (Reuters) - Shares in communications equipment maker Ciena Corp (CIEN.O) jumped over 14 percent on Tuesday after an upgrade by Barclays.
Barclays raised its recommendation on the shares, which have fallen heavily over the past year amid worries of slower network spending by phone companies like AT&T Inc (T.N), to "overweight" from "equal weight."
Ciena shares rose $1.01 to $8.09 by late afternoon, although they were still down over 70 percent from a year earlier.
(Reporting by Ritsuko Ando, editing by Gerald E. McCormick)
