I'm reiterating my Buy rating for Ciena Corp. (NASDAQ: CIEN), first recommended on May 19, 2009, at a price of $11.27.

Given the likely U.S. recovery, increased demand for bandwidth in the quarters/years ahead will more than offset any near-term sales weakness, which is good news for bandwidth provider Ciena.

Here are some highlights from last week's earnings coverage from BloggingStocks:

• Abercrombie & Fitch Co. (NYSE: ANF) earnings prospects and declining sales resulted in a downgrade.
• America's Car-Mart Inc. (NASDAQ: CRMT) stronger-than-expected Q1 results led shares to a four-year high.
• ArcSight Inc. (NASDAQ: ARST) reported strong Q1 numbers on increasing demand for cyber security.
• Brown-Forman Inc. (NYSE: BF.B) Q1 results easily topped expectations despite a decline in revenue.
• Ciena Corp. (NASDAQ: CIEN) posted a Q3 loss but revenue improved sequentially, and shares rose.

Just a couple years ago, the shares of Ciena Corp. (NASDAQ: CIEN) were above $40. But since then, it's been brutal -- with the shares eventually falling to $5.35. After all, the company is in the competitive telecom-equipment space.

However, things have been getting better lately. In fact, the share price is now at $13.06.

And this week Ciena reported its fiscal Q3 earnings report. While revenues dropped 35% over the past year, they were actually up 14% over the prior quarter. There was a net loss of $26.5 million, or $0.29 per share.

Analyst upgrades:

• Piper Jaffray upgraded PetMed Express (NASDAQ: PETS) to Overweight from Neutral following the better-than-expected Q1 results. The firm raised its target on shares to $22 from $19.
• Deutsche Bank upgraded International Paper (NYSE: IP) and Packaging Corp. (NYSE: PKG) to Buy from Hold to reflect stabilization in the containerboard industry. The firm raised its target price on Packaging Corp. to $24 from $14, and on International Paper to $24 from $16.
• Bernstein upgraded Human Genome Sciences (NASDAQ: HGSI) to Outperform from Market Perform following the positive Phase III data for Benlysta in lupus.
• IBM (NYSE: IBM) was upgraded to Hold from Sell at Societe Generale.
• British Airways (OTC: BAIRY) was upgraded to Buy from Sell at Goldman.
• Continental AG (OTC: CTTAY) was upgraded to Hold from Sell at Citigroup.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Aetna Inc. (NYSE: AET) lowered its 2009 earnings guidance, initially sending the share price lower.
• Ciena Corp. (NASDAQ: CIEN) reported a bigger-than-expected Q2 net loss as revenues sank.
• Collective Brands Inc. (NYSE: PSS) saw Q1 earnings and sales decline, but beat Wall Street estimates.
• Google Inc. (NASDAQ: GOOG) earnings prospects led Goldman Sachs analysts to increase its forecasts.
• Guess? Inc. (NYSE: GES) weak Q1 results topped estimates and it offered guidance that pleased investors.

Ciena (NASDAQ: CIEN), a business that sells various networking and software products for fiber-optic and broadband technologies, and whose colleagues include Cisco (NASDAQ: CSCO) and Alcatel-Lucent (NYSE: ALU), reported late Thursday a difficult second quarter. Revenues declined by 40%. For the bottom line, Ciena said it lost 25 cents per share on an adjusted basis. Last year at this time, Ciena made an adjusted 40 cents per share. And in terms of expectations, the company was only supposed to lose 9 cents per share. Guess there wasn't a chance of that, huh?

The U.S. recession has hit just about every sector fairly hard, save health care; internet services have certainly not been immune.

Still, Wall Street has been known to overdo it somewhat on the downside, particularly when a growth play runs into a recession, and that's why Ciena Corp. (NASDAQ: CIEN) is worth a review.

Ciena supplies communications networking equipment, software and services to communications service providers, cable operators, governments and enterprises. The company specializes in helping organizations transition from old-world architectures to high-bandwidth services. Hence, CIEN is largely a broadband play, and now that it looks like better days are up ahead for the U.S. economy in a quarter or two, firms will begin to make the investments they need to stay competitive in a decidedly broadband world. The First Call F2009/F2010 EPS estimates for CIEN are a loss of 21 cents and a profit of 15 cents.

The old adage to new investors has always been to invest in something that you use or believe in. Right now, you're probably reading this online and there's a good chance you got online through a broadband connection, so why not invest in the companies that continue to supply equipment for the growth of the broadband revolution?

The exchange-traded fund (ETF) Broadband HOLDRs (NYSE: BDH) is a great way to invest in the broadband industry without having to select one company. BDH consists of about 22 companies that develop, manufacture and market products and services that facilitate the transmission of data, video and voice more quickly and efficiently than traditional telephone line communications.

Even as the holiday season ramps up and the calendar quarter begins to wind down, earnings reports continue to dribble in. Among the companies scheduled to release quarterly results this coming week, analysts surveyed by Thomson Reuters are expecting BWAY Holding Co. (NYSE: BWY), Powell Industries Inc. (NASDAQ: POWL), and Esterline Technologies Corp. (NYSE: ESL) to be among the biggest earnings gainers.

Atlanta-based packaging and container producer BWAY is expected to report fiscal fourth-quarter profits that are 65.6% higher than in the same period of last year, or $0.32 per share on revenues of $265.2 million (+4.9%). BWAY topped estimates in the previous two quarters -- by 44.9% in the third quarter. Those results sent shares to a new 52-week high. But shares have fallen 62.7% in the past three months, and they are now trading near a multiyear low of $4.11 per share.

Houston-based energy equipment maker Powell is expected to report fiscal fourth-quarter profits that are 62.7% higher than a year ago, or $0.59 per share. Revenues are forecast to be 14.2% higher, or $171.8 million. Powell beat expectations in the past three quarters -- by 20.2% in the third quarter. The share price has fallen 47.7% in the past three months, and the consensus recommendation is to buy POWL.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Boeing Co. (NYSE: BA) earnings prospects may have encouraged the machinist union to strike.
• Ciena Corp. (NASDAQ: CIEN) Q3 results and weak guidance led shares to a new 52-week low.
• Corning Inc. (NYSE: GLW) lowered its Q3 earnings guidance below previous and analysts' forecasts.
• Dollar Financial Corp. (NASDAQ: DLLR) beat Q4 estimates and posted record 2008 results.
• Ericsson Telephone Co. (NASDAQ: ERIC) was downgraded because it could miss Q3 earnings expectations.
• Esterline Technologies (NYSE: ESL) topped Q3 expectations due to robust aerospace and defense markets.
• Joy Global Inc. (NASDAQ: JOYG) posted strong Q3 results due to a sharp increase in orders.
• Kraft Foods Inc. (NYSE: KFT) backed away somewhat from its previous 2008 earnings guidance.
• Legg Mason Inc. (NYSE: LM) earnings prospects for the next several quarters led to an analyst downgrade.
• MEMC Electronic Materials Inc. (NYSE: WFR) mid quarter update warned of declining demand for chips.
• Navistar International Corp. (NYSE: NAV) was upgraded following a strong Q3 report.
• New York Times Co. (NYSE: NYT) ongoing losses haven't diminished Rupert Murdoch's interest in it.
• Nokia Corp. (NYSE: NOK) warned that it would miss earnings estimates due in part to weak sales.
• Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) better-than-expected Q2 led to an analyst upgrade.
• Staples Inc. (NASDAQ: SPLS) Q2 earnings slipped while revenues rose, beating expectations.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) Q3 results soared but cut its Q4 guidance.
• Tenet Healthcare Corp. (NYSE: THC) was upgraded on its prospects for beating expectations.
• Terex Corp. (NYSE: TEX) warned that earnings for Q3 and Q4 would be lower than estimates.
• Tiffany & Co. (NYSE: TIF) posted better-than-expected Q2 results and offered full-year guidance.
• Toll Brothers Inc. (NYSE: TOL) reported its fourth straight quarterly loss, but it was smaller than expected.

Also, Jim Cramer discusses a decline in earnings resulting from a collapse of oil and oil services.

Upcoming quarterly reports include Korn/Ferry (NYSE: KFY), Pep Boys (NYSE: PBY), Campbell Soup (NYSE: CPB), Krispy Kreme (NYSE: KKD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.

UBS downgraded SunPower (NASDAQ:SPWR) to Neutral from Buy, according to Briefing.com. The news service also reports that Citigroup upgraded Qwest (NYSE:Q) to Buy from Hold and Morgan Keegan upgraded Ciena (NASDAQ:CIEN) to Outperform from Market Perform.

Eli Lilly (NYSE:LLY) was raised to Neutral at HSBC, according to 24/7 Wall St. The financial site also reports that American Electric Power (NYSE:AEP) was cut to Neutral at JPMorgan.