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OT - CIEN
OT - CIEN - After having day-upon-day of great run-up to $35,
CIEN keeps following the market down, now below $31. Needham today
cut it from buy to hold. They did acknowledge a lot of strengths,
but thought it was perhaps priced in and had some trepidation about
the upcoming CC. I think I posted here that I bought some at 32.97
and optioned it out for stk $33 for Dec. 21st, with a $1.92
premium. Not low enough to close those calls out, but it may get
there. The thing about buying stock and writing calls is that
like most stocks in this sector, a CC will move the stock 10 - 25 %
(just ask INFN), wiping your premiums if the CC is a
disappointment. Oh well.
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