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Ciena Corp. (NYSE:CIEN) is due with its Q3 results in the pre-market on Thursday, Sept. 1, and analysts polled by Thomson Reuters expect the company to report a loss of $0.09 per share on revenue of $443 million. Overall, following 14 of its last 28 pre-market earnings reports, the stock has headed in the opposite direction in the following regular sessions.

Looking deeper into the performance data, CIEN recorded an earnings-driven pre-market gain in 13 of the 28 quarters tracked in our database. In seven of those events, or 54% of the time, the stock reversed direction in the following regular session. CIEN recorded an earnings-driven after-hours decline in 15 quarters tracked in our database, and it has added to its direction in the follow-on regular session in eight of those quarters, or 53% of the time.

On June 8, CIEN tumbled 13.1% in pre-bell trade after posting disappointing results and guidance. The stock headed deeper in the red in that day's regular session, ending down 16.2%. On March 7, CIEN declined 4.1% in pre-market trade after after beating Q1 estimates but also setting its Q2 revenue view below Street expectations. The stock headed deeper in the red in that day's regular session, ending down 9.8%.

On Dec. 9, 2010, CIEN jumped 9.5% in pre-market trade after posting mixed Q4 results and setting its guidance in a range that straddled the Street view. The stock added sharply to its upside in that day's regular session, closing up 15.3%. On Sept. 8, 2010, CIEN slipped 0.8% in pre-bell trade despite beating Q3 expectations. The stock reversed direction in that day's regular session, ending up 5.1%. On June 9, 2010, CIEN jumped 9.1% in pre-market trade after beating loss estimates, missing on revenue, and guiding in line. The stock lost most of its gains in that day's regular session, closing up a mere 0.7%. On March 4, 2010, CIEN declined 6.6% in pre-market trade after missing Q1 expectations. The stock narrowed its downside in that day's regular session, ending down 3.9%.

On Dec. 10, 2009, CIEN shed 3.5% in pre-bell trade after missing loss expectations. The stock added to its downside in that day's regular session, ending down 11.4%. On Sept. 3, 2009, CIEN firmed 4.3% in pre-market trade after beating Q3 expectations and setting its Q4 revenue guidance in line with the Street view. The stock added to its upside in that day's regular session, closing with a 5.9% gain. On June 4, 2009, CIEN declined 5.9% in pre-market trade after missing Q2 estimates but also guiding for sequential revenue growth. The stock reversed course in that day's regular session, ending up 5.5%. On March 5, 2009, CIEN advanced 3.5% in pre-bell action despite reporting lower year-over-year results and missing Street estimates. The stock added to its upside in the March 5 regular session, rising 11% by the closing bell.

On Dec. 11, 2008, CIEN tumbled 11% in pre-market trade after missing expectations and setting guidance below the Street view. The stock added to its downside in that day's regular session, losing 20% by the closing bell. On Sept. 4, 2008, CIEN declined 19.1% in pre-bell action after issuing a mixed Q3 report and weaker-than-expected Q4 guidance. The stock tumbled deeper in the red in the following regular session, losing 25% by the closing bell on Sept. 4. On June 5, 2008, CIEN declined 3.3% in pre-market trade despite beating expectations and reiterating its revenue growth guidance. The stock headed deeper in the red in that day's regular session, losing 7.8% by the closing bell. On March 7, 2008, CIEN advanced 7.7% in pre-market action after topping Q1 estimates and setting its guidance above Street expectations. The stock turned even higher in the following regular session, rising 11.4% by the March 8 close.

On Dec. 13, 2007, CIEN declined 4.3% in pre-market trade after the company posted better-than-expected Q4 results. The stock continued heading lower in the Dec. 13 regular session, losing a heftier 12% by the closing bell. On Aug. 30, 2007, CIEN slipped 5.1% in pre-market trade despite beating Q3 expectations and issuing strong guidance. The declines narrowed in the regular session, with CIEN ending the day down 3.1%. On May 31, 2007, CIEN surged 9.5% in pre-market trade after the company beat Q2 estimates and set its Q3 guidance above the Street. It added nicely to that early gain in the following regular session, rising 17.2% by the May 31 closing bell. On March 1, 2007, shares fell 10.4% in the pre-market after sales beat but EPS were a penny shy. Shares fell 10.1% later that day.

On Dec. 14, 2006, CIEN surged 9.4% in pre-bell trade after the company reported Q4 results ahead of expectations. The stock continued to see upside momentum in that day's regular session, rising 11.5% by the closing bell. On Aug. 31, 2006, CIEN dipped 2.5% in pre-market action despite the company beating expectations and guiding higher. It added to its downside turn in the regular session, losing 8.3% by that day's closing bell. On June 1, 2006, CIEN advanced 4.6% in pre-market trade after the company beat Q2 expectations and guided its Q3 outlook above the then-current Street view. The stock held the bulk of its gains through that day's regular session, but still ended bell-to-bell action with a slightly more modest 4.4% rise. On March 2, 2006, CIEN declined 5.5% in pre-market trade after the company reported a smaller-than-expected loss, revenue just shy of estimates, and forecast a 7% sequential rise in revenue. The stocked turned sharply in the regular session, ending the day with a robust 6.6% rise.

On December 8, 2005, CIEN ended the pre-market session up 4.9% after topping Q4 expectations. However, the gains were short-lived as the shares edged down 0.6% by the close of the regular session that day. CIEN advanced 3.5% in the Sept. 1, 2005 pre-market session after the company reported Q3 sales ahead of expectations. That gain disappeared in the Sept. 1 regular session as CIEN lost 4.4% by the closing bell. On June 2, 2005 CIEN advanced 6.1% in pre-market trade after the company reported revenue up vs. the year ago and a narrower loss. Those gains evaporated in the following regular session as the stock lost 1.6%. Back on Feb. 23, 2005 CIEN edged up 0.8% in pre-market trade on the heels EPS that matched expectations, revenue that beat, and higher quarter over quarter revenue guidance. Upside support scampered away in the regular session as the stock lost a whopping 12.7%.

On Dec. 9, 2004 CIEN advanced 7.2% in after-hours trade after the company reported revenue up vs. the year ago level, a wider loss, and said it sees an increase in quarter over quarter revenue. Sellers moved in with vigor the next day, pushing the stock down 3% by the Dec. 10 closing bell. On Oct. 19, 2004 CIEN declined 3% in pre-market trade after the company beat earnings expectations by a penny and forecast revenue to be flat sequentially. Buyers got the upper hand in the Oct. 19 regular session, boosting the issue 3.8%.

Source: Shorts Track The Better Trade Off Ciena's Pre-Market Earnings