Technology Sector Review: Ciena Gets Hit with a Bearish Analyst

Plexus Corp. (NASDAQ:PLXS): Plexus narrows its Q1 EPS guidance to $0.48-0.50 from a previous range of $0.44-0.49, and above consensus of $0.47. Narrows Q1 revenue to $525M-530M from previous range of $510M-540M and vs. consensus of $527.7M. Plexus also announces a strategic manufacturing arrangement with Kontron AG that will be modestly accretive to EPS.

The shares closed at $30.29, up $2.7, or 9.79%, on the day. Its market capitalization is $1.05 billion.

Stratasys, Inc. (NASDAQ:SSYS): 3D printer manufacturer Stratasys is up strongly after reporting Q3 revenue of $39.7M (+31% Y/Y) and EPS of $0.27, beating consensus by $1.5M and $0.06. The company is guiding for 2012 revenue of $175M-$190M and EPS of $1.02-$1.13, compared with Street forecasts of $177.5M and $1.08.

The shares closed at $33.14, up $2.77, or 9.12%, on the day. Its market capitalization is $702.58 million.

Cypress Semicond. Corp. (NASDAQ:CY): Cypress Semiconductor’s board has authorized a new $400M stock repurchase program, to take the place of a $600M program that’s been completed. Cypress, which has a market cap of $2.94B, adds it’s repurchased 18.3M shares during the current quarter.

The shares closed at $10.56, up $0.86, or 8.87%, on the day. Its market capitalization is $1.64 billion.

Ciena Corporation (NASDAQ:CIEN): Jefferies’ George Notter issues a bearish note on Ciena, in which he asserts the telecom equipment maker will be weighed down by its ongoing dependence on sales of legacy systems. Meanwhile’s, Notter’s review of regulatory filings turned up considerable volatility in the sales of hardware acquired via Ciena’s purchase of a Nortel division.

The shares closed at $13.18, up $1.01, or 8.3%, on the day. Its market capitalization is $1.28 billion.

LSI Corporation (NYSE:LSI): LSI tops the S&P leader board after Wedbush raises its rating on the stock to Outperform and lifts its price target to $8.50 from $7. Wedbush sees LSI benefiting from Seagate’s (NASDAQ:STX) better-than-expected sales and its own recent acquisition of chip tech company SandForce.

The shares closed at $6.70, up $0.48, or 7.72%, on the day. Its market capitalization is $3.78 billion.

Cray Inc. (NASDAQ:CRAY): Cray cuts its guidance after a delay on a major product due to supply issues creates a ripple effect. The supercomputer maker says it now sees revenue for 2011 of $230M-$240M, down from prior guidance of $290M-$320M. For 2012, the firm expects the completion of the delayed Oak Ridge project to help push revenue to a range of $400M-$420M.

The shares closed at $6.21, down $0.49, or 7.31%, on the day. Its market capitalization is $225.27 million.

WNS Ltd. (NYSE:WNS): Shares of WNS Holdings go on a tear, extending a rally started yesterday after the offshore business processing firm landed an upgrade from Baird to Outperform along a new price objective of $13.

The shares closed at $8.56, down $0.43, or 4.78%, on the day. Its market capitalization is $380.93 million.

NCI, INC. (NASDAQ:NCIT): NCI pops after Wells Fargo ups the shares to market perform on valuation. However, Wells adds a note of caution, saying all federal government service providers still face operating headwinds.

The shares closed at $11.02, down $0.45, or 3.92%, on the day. Its market capitalization is $152.87 million.

Ixia (NASDAQ:XXIA): Ixia, a maker of network testing gear, shoots higher after reporting Q3 revenue of $77.3M and EPS of $0.16, beating Street forecasts by $0.8M and $0.04. In spite of widespread fears of telecom capex cuts, the company says “key market indicators and customer spending trends are encouraging.”

The shares closed at $9.83, down $0.39, or 3.82%, on the day. Its market capitalization is $685.54 million.

AeroVironment, Inc. (NASDAQ:AVAV): AeroVironment is trading higher after winning an order from the U.S. Air Force for its Raven unmanned aircraft systems under an existing contract with the U.S. Army, worth $6.9M. The system will be used to enhance security at military bases worldwide.

The shares closed at $28.99, down $1.15, or 3.82%, on the day. Its market capitalization is $640.75 million.

To contact the reporter on this story: Stella Mariz at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com