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Infinera stock plunges after MKM downgrades, says company is close to losing largest customer Emily Bary
MarketWatch•October 1, 2018

Shares of Infinera Corp. are down 12.3% in premarket trading Monday after MKM Research analyst Michael Genovese downgraded the stock to sell from hold. "According to our checks, Ciena is nearly over the finish line in taking Infinera's largest customer, CenturyLink , away," Genovese wrote. His checks determined that the customer is "likely to switch because of concerns with Infinera's ability to produce new leading edge DSPs (digital signal processors) every 18 to 30 months." He thinks there's a greater than 90% chance that CenturyLink switches to Ciena. Infinera and Ciena didn't immediately respond to a MarketWatch request for comment. A CenturyLink spokeswoman said that the company doesn't comment on rumors or speculation. Infinera shares were down 17.7% over the past 12 months as of Friday's close, as the S&P 500 has gained 15.7%.