<p>(lt cap) - Yes, CIEN has been all over the place. Yesterday it was worth ~5% more, today it's worth 6.5% less. It might make some sense in terms of INFN jitters about today's earnings, and ALU's tomorow earnings.</p> <p>INFN continues to be a funny thing. The NOV calls, if I've got it right, really have a rich premium - at the money figures($18) to be about 7.7%  $1.40. And I'd usually be all over that. But the joker is with the new product rollout, what will that do to earnings and revs (well, of course it'll impact that - but byhow much?), and how will the analysts view it? Given the beta history, $1.40 can disappear in a flash. But they're very good at managing their CC's - and Fallon has seemed (IIRC) quite bullish in his recent projections, and he's not one to bs that. I own 1k shares, but at higher prices. It's tempting, but it sure is a gamble to do anything - including the Nov 17 puts, which at .95 gives you protection down to $16.05. Couldn't drop that low, could it? Well, take a look at CIEN and see just how possible that is, lol. Tempting to buy another 1k shares and write calls on it - but I don't think I'm  that brave - probably will sit on my hands. And likely I'll regret it :-)</p>

But there is the earnings impact of integrating Transmode and the new product offerings, and the market overall feels like it has an angry undertone of late.

Ah - forgot this - Needham upgraded INFN to 'outperform' from 'neutral' today. Maybe that balances Goldman's early Sept. downgrade to 'sell'? Not only is the stock all over the map, but some analysts, as well.