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.