<p>OT - CIEN - woke up and saw CIEN was down -5.7% with no apparent hit to sector peers. What I found was this:</p> <p>Bank of America Merrill Lynch downgrades Ciena (NASDAQ:<a href= " CIEN)">seekingalpha.com/sy...a>) to Neutral with a $42 price target. (Source: Bloomberg First Word)</p> <p>Ciena is expected to report earnings on March 5. Consensus <a href= " seekingalpha.com/sy...nings" target= "_blank">estimates</a> put revenue at $760.64M and EPS at $0.30.</p> <p>CIEN is <span style="color: red;">down 1.6%</span> premarket to $38.78.</p> <p>Why, that hardly seems a reason to whack the stock that harshly, unless there's something in the heart of the downgrade (I can't see the original - don't subscripe to  Bloomberg.) that's serious trouble. </p> <p>That has pushed the 2/22 calls I wrote at stk 36.50 slightly below where I purchased them. Not sure whether to buy them back, or see how the stock behaves, esp. with NOK earnings tomorrow.</p>