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Strategies & Market Trends : Roger's 1997 Short Picks
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To: frank 3 who wrote (3096)6/3/1997 4:26:00 PM
From: Tom Hua   of 9285
 
Frank3, GS and Ciena have done a very good job of keeping CIEN from falling. The blowout earnings was accompanied by announcement of releasing 10% of lock-up shares. Today, the company announces the filing of a secondary offering of 10 M shares and wisely announces the trial run with AT&T. I don't know when the secondary offering will take place, when it occurs, the float will jump from 14 M shares to 24 M shares. It will get harder and harder for GS to exert its influence on the stock price. When the rest of the lock-up shares (another 70 M shares) are released in August, the law of supply and demand will inevitably be the key factor.

Regards,

Tom
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