lt cap,

INFN is just the usual conundrm, only more so, and it makes prediction pretty impossible. I wouldn't never dreamed they'd be in the 8's. That I couldn't conceive of that is not important. That Fallon and other mgmt. couldn't have conceive of it, given their buys, is what is so troubling. 

You know, it makes sense that they'd probably rebound off those lows, given that *something* had to be overdone there. And one could play options - not to get to 'even' (that, a long, long way up for me), but mitigate the damage. And Fallon's and mgmt. 2nd 'buy'' may be their way of doing that.  And as you say, it's a long term story. But between mgmt. somehow way underguessing business, and the factors you point out - cut throat DCI prices, Transmode being less than sparkling, InPhi, customer(s) walking, new equipment on  hold while waiting for the next product, things don't look really good at the moment. And prediction seems unguessable. (When customers only want  the latest equipment, what do they do with the old stock they have in supply -  is it like supermarkets where you can retrieve it from the dumpster?)

NOK, as you said, messed the bed, but they have long term key points and prospects that look considerably brighter. And as you note, any bets are hedged by the macro falling apart. Is this the longest period of expansion in our history. (forget that the expansion is still weak in terms of GDP, it's still in the black.) It's hard to imagine that we get to 5G in 2018, much less 2020 where large scale adoption will supposedly become mainstream, without some serious correction/recession between now and then. I simply don't understand this economically.

Nor politically, but I'm certainly not alone in that. Hillary is a shoe-in, despite having huge disapproval ratings. If the Republicans had put up PeeWee Herman as their candidate, he would've beat her, regardless that he's a bit of an odd sexual creature in porn film theaters. Bill is a sexual predator who is the most popular Democrat in the country - blows my mind. (What does Bill say to Hillary after having sex? "I'll be home in about a half-hour, honey.") 

So, we'l hope for the best. CIEN's earnings in early Sept. ought to be interesting. They seem to be doing the best in this beat-down sector - so far, anyway.