STOCKS TO WATCH: Ciena, Cisco and Engage.

The maker of fiber-optic network equipment will be active ahead of its shareholders meeting Monday.

Its share fell $6.50 to $65.13 Friday.

In its latest quarter, Ciena earned $54.1 million, or 18 cents a share, on sales of $352 million.

Despite warnings from other technology companies, Ciena actually raised its guidance for fiscal 2001, expecting sales growth of between 95 percent and 105 percent from 2000.

The stock slumped to $39.63 back in April before rallying up to a high of $151 in October.

The world's largest network-equipment maker will be active after announcing late Friday that it would cut its full-time workforce by as much as 11 percent during the rest of its fiscal year as evidence mounts that the U.S. economic slowdown is spreading and could run longer than anticipated.

Cisco said it would cut between 3,000 to 5,000 regular jobs, a number equivalent to between 7 percent to 11 percent of its global employee base of 44,000. Including temporary and contract employees, the total could jump to around 8,000 employees.

As a result, the company said it would take a one-time charge of between $300 million and $400 million by the end of its July fiscal fourth quarter 2001.

Its shares closed down $2.19 to $20.63 ahead of the announcement before falling to $20.13 in after-hours trading.

"You're starting to see early issues with certain countries and U.S. multinationals doing business on a global basis," CEO John Chambers told Reuters. "Particularly here in the U.S., the majority of them would say we're in for some tough times."

Engage should move ahead of its quarterly results Monday afternoon.

First Call Corp. consensus expects the online advertising and marketing services provider to lose 26 cents a share.

Last quarter, it dropped $48.7 million, or 26 cents a share, on sales of $41 million.

The stock fell 3 cents to $1.06 Friday.

Reuters contributed to the this report.