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Technology Stocks : Ciena (CIEN)

CIEN 268.24

+6.5%

4:00 PM EST

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To: Sam Citron who wrote (478)	7/2/1997 12:02:00 PM
From: Jim Rathmann	of 12623

I would expect the 'hype-wire' to be smokin' over the next few weeks to keep the interest up, followed by churned volme (kind of like today!). My guess is that a lot of the short interest is insiders liquidating a little ahead of the curve who will use their locked up shares to cover...Expect much more such short selling through July which should dampen any runnups. As far as GS is concerned, they may not be legally pegging the stock, but they have a precedence for "buying for their own account" to maintain CIEN prices...I am contacting the SEC regarding GS activities prior to the announcement of the secondary so possibly, they may keep an eye on the situation. Maybe this will level the playing field somewhat. However, with the secondary complete, they may not have as much incentive to help out the Ciena insiders. We'll see ... The Aug 6/7 date period may be a collossal "buy the rumor/sell the news" ... jim

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