CIENA (CIEN) fell after reporting weak quarterly results. That did not stop Morgan Stanley from upgrading the stock and assigning a $23 price target. MS cited 100G metro builds as a reason to like expect EPS growth. CIENA has a low forward valuation. Its forward P/E is under 10. Conversely, Nokia (NOK) has a forward P/E of 20, while Juniper (JNPR)’s is 11 times. Juniper (JNPR) warned on January 27. Lower customer spending is expected by Juniper this quarter. Nokia (NOK) dropped 12 percent. The drop had nothing to do with its Network division. Nokia monetized its IP less than investors had hoped. Samsung (SSNLF) now gets to settle the IP infringement at a low cost. The timing works out well for Samsung, who expects a weak year. Nokia gets the cash sooner, and may move on into Networking. There is a chance Nokia's Network division will face turbulence. Deal wins in China will be scarce this quarter due to a slowdown there. Nokia may fall further, but it is a long-term value play should profitability grow from the Nokia Networks division and efficiency improves from Alcatel-Lucent.