RealTime IT News

Ciena Corp. to Join S&P 500 Index

Ciena Corp. is joining the Standard & Poor's 500, replacing American General, which is being purchased by American International Group. The actual date that the Linthicum, Md.-based fiber optic component maker has not been determined.

The news, announced by Standard & Poor's after the market closed on Thursday, gave Ciena a 10 percent boost to its sagging stock price, climbing to $19.20 a share after closing the day at $17.44.

Last week, Ciena's stock fell 30 percent after it announced it would miss its earnings and revenue targets for the fourth quarter.

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