Fluctuations in CIEN day-to-day make Jon and my shorting it thru options look good and bad, depending on what day it is. I do expect that the CC on or about Sept 2nd will make those ITM bets, or push it below what the premium we've collected is. The names in the sector really seem to have outsized reactions (speaking of which, yeah, INFN's losing 1/3 of their value after being beaten with a bicycle chain put me in a temporary coma.) Part of my thought on the CIEN CC is that nobody has had a really had a good CC, so I think perhaps this period is likely to be sector-wide - altho that's in contrast to the interview with CIEN's CEO that lt cap posted. And then there is Jon's 'options voodoo' where he's offered up the same lot of INFN an ungoly number of times and just pocketed the premium - can't get rid of the damn thing.  As for the sector - CSCO, whose price has held up surprising well, and actually advanced during this period, topping 30, just announced a job cut of 5,500 as a cost saving measure.

And Jester - post how the EA short goes - I'd like to see what happens with that.