lt cap,

I agree with everything you've said. CIEN's quarter seem rather good to my eyes, but I understand the guidance is what's killing it. I can't see the guidance being that bad. The street is treating this sector as though it's full of cybersecurity firms with outrageous PE's that all are built on hope for growth. INFN falling in sympathy seems ridiculous - their last CC was just fine. From the price actions, you'd have to think the street thinks this sector is in a secular decline, rather than the opposite.

I'm tempted to jump in but I'm already way overweight in CIEN and INFN to a lesser degree. Of course, the stock I want to buy now, CSCO lost 9 cents while the rest of the sector is in 'bloodbath mode.' I could still jump in, although Iv'e missed the best bargains of the day. But when reason fails to rule, I ask myself - why can't INFN revisit the $13's, if valuations in the sector are just wacky-low.  A bit like your dilemma on NOK - you already have a ton, but buying opps do seem to come up.

But the market will do what the market will do. Long haul (no functional pun intended) is the game.

My take on the CIEN guidance is also more positive than the market took it.  

1.- On a YoY basis there is revenue growth

2.- On a YoY basis there is earnings growth

3.- As I stated, the multiple is reasonable

4.- There is this little detail of secular growth trends for this Industry

5.- The CEO is a veteran, he has been at the Ciena helm since the dot com days, he sure has lowered the bar to easily beat

lt cap,

The 15%+ blowdown on CIEN is oh so tempting, but I've got too much. I've been thinking about what the analysts that were so hot on it (I think Blair went out and said it was going to be a very good quarter), both 6 months ago and as of yesterday, are going to do. The most likely scenario, I think, is that they'll support the stock, citing the lt potential. The guy who said if it's a great CC, buy, and if it's bad cc, buy, is obviously 'married' to that conviction. Not that analysts won't risk looking foolish.

I've been looking at INFN covered calls, and the Apr. 15 (or is that 17th?) stk 15 are pretty attractive - .80/sh, and the stock is trading at $14.60. But while the open interest is substantial, the trading on it today is anemic - few shares, a .30 spread between bid and ask. .80 is the midpoint. 

Thanks for the heads-up on CIEN. I jumped in earlier to sell $16.5 puts expiring tomorrow for $0.22, and I'm certainly tempted to do more in this range. I'm always skeptical when analysts are pushing a company right before earnings, as we saw here. To me it always smacks of manipulation, like maybe getting their own clients out at better prices.

GME has been rising recently. I need to start looking for price ranges to sell calls.

Kicking myself for not pulling the trigger on LGF under $20. At an over 50% decline it was bound to rally soon but I was too chicken. That said, without a major franchise like Hunger Games (maybe a prequel coming) and Divergent wasn't that big and it's ending this month anyway, it's not something I'd want to hold onto in this market.