NEW YORK - Shares of Linthicum-based Ciena Corp. took a hit Monday after Standard & Poor's announced the telecommunications equipment maker would be replaced by Visa Inc. on the S&P 500 index. S&P said Friday that Visa would take Ciena's place on the index Dec. 18 because Ciena is one of several companies in the index no longer representative of the market indicator. Dynegy Inc., KB Home Inc. and Convergys Corp. are being dropped from the S&P 500, too. Ciena provides communications networking equipment, software and services. Last week it posted a wider-than-expected loss for its fiscal fourth quarter and full year as costs more than offset strong revenue. The company is also in the process of acquiring assets from Nortel Networks Corp. for $530 million.
- Associated Press