Lynx Equity Strategies analysts Jahanara Nissar and KC Rajkumar attribute weakness today in Ciena shares, which are down over 7%, to a new IR presentation on the company's website that references historical seasonality in quarterly orders. The historical seasonality for Q1 is being applied by some to the actual FY20 outlook to infer that the Q1 guidance could be below consensus, but "this interpretation is kinda bogus" since historical seasonality has less significance for future quarters for companies in the midst of strong product cycles, like Ciena, the analysts tell investors. The analysts, who call the selloff in the stock "unwarranted," note that Ciena's Q4 guidance is unchanged and that if the company intended to issue Q1 guidance they would have to put out a press release and an SEC filing.