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Technology Stocks : Ciena (CIEN)
CIEN 230.45+9.4%Dec 19 4:00 PM EST
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To: Smitty who wrote (376)6/12/1997 11:07:00 PM
From: Tom Hua   of 12623
 
Smitty, at the close today, your July 45 calls are only worth 5 3/8. CIEN has clearly shown weakness the last 2 days, but then you still have another 5 weeks till expiry. If I were you, I'd definitely want to inquire about the 10 M shares from the secondary offering. If they haven't hit the market, watch out below.

In my opinion, your chance for a positive return on your calls is low. My guess is you won't see CIEN in the 50s again. Sell you calls into strength if you could, cut my losses is what I would do. I must tell you my opinion may be biased as I'm bearish on CIEN from the beginning. I also think owning puts (OCT or later) is a good idea.

Regards,

Tom
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