In this series, we take a look at the 25 stocks on the S&P 500 Index (SPX) that have turned in the worst performance during the past decade -- what went wrong, and what happens next.

Among telecom stocks that got smacked during the past decade, Ciena Corporation (NASDAQ: CIEN) took the hardest hit -- at least, among those companies that still exist in the same incarnation. Yes, that comment was directed at you, Alcatel-Lucent (NYSE: ALU).

Other telecom losers on our roster include Qwest Communications (NYSE: Q), JDS Uniphase (NASDAQ: JDSU), and Tellabs, Inc. (NASDAQ: TLAB) -- the latter of which also plays a key role in the forthcoming Ciena saga.

What went wrong? At number 3 on our list of SPX laggards, CIEN lost 90% of its value in the decade that ended June 30, 2008. The stock peaked at a split-adjusted $1,057 in October 2000, a zenith that marked the top of a steep ascent. The equity's ensuing plunge would be just as dramatic.

Shares were higher today after the weekly jobless claims were reported as 357,000, down 18,000 from last week. While new claims are down, the four week average of those filing for benefits was up to 3.086 million, the highest level since March 2004. The good news is that the markets largely ignored that S&P downgrade of bond insurers today. The stock market even ignored a $5.00 rise per barrel in oil today. Here are the unofficial closing levels today:

DJIA 12,598.10 (+207.62)
S&P500 1,403.30 (+26.10)
NASDAQ 2,549.94 (+46.80)
10YR-TNote 4.03% +(0.09%)
52-WEEK LOWS
TOP 10 ANALYST CALLS

Broadcom Corp. (NASDAQ: BRCM) was an example of just how strong today was by being up almost 3% at $28.90 late in the day. If you read trough the co-founder and former CEO's indictment charges you might think shareholders would have gone the other way.

Monday, June 2

• Lions Gate Entertainment (NYSE: LGF) reporting Q4 earnings; conference call at 9:00am.
• Nvidia Corporation (NASDAQ: NVDA) conference call at 9:30am on new multimedia computer-on-a-chip products.
• Lululemon Athletica Inc. (NASDAQ: LULU) reports Q1 earnings; conference call at 4:30pm

Tuesday, June 3

• Ford Motor Company (NYSE: F) to report May sales at 1:00pm.
  
• General Motors Corp. (NYSE: GM) to report May sales at 2:00pm.
  
• Toll Brothers, Inc. (NYSE: TOL) to report Q2 earnings; conference call at 2:00pm.
• Bob Evans Farms Inc. (NASDAQ: BOBE) to report Q4 earnings; conference call at 4:00pm.