News Summary

Shares of Ciena Corp CIEN dropped about 5.5% after the company reported a Q1 loss at $79.1 million, or $0.84 per share, versus a loss of $53.3 million, or $0.58 per share, in the year-earlier period. Ciena's adjusted loss came in at $0.14 per share. The company's revenue increased to $433.3 million from $175.9 million. However, analysts were expecting a loss of $0.16 per share on revenue of $422.5 million. Ciena projected its Q2 revenue of $415 million to $435 million, versus analysts' estimates of $439 million.

Shares of Western Digital Corp WDC surged about 12.8% after the company announced its plans to purchase Hitachi Global Storage Technologies HIT for $4.3 billion in cash and stock. The transaction includes $3.5 billion in cash and 25 million of WDC's shares. After the deal's closing, HIT will own a 10% stake in WDC.

Shares of Southwest Airlines Co LUV fell about 0.3% after the company reported 13% rise in its total February traffic. LUV's February traffic came in at more than 5.6 billion revenue passenger miles, versus 5 billion revenue passenger miles, in the year-ago period. LUV's total February capacity increased 8.6% y/y to 7.3 billion available seat miles. The company's load factor in February increased to 76.9% versus 73.9% last year.

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