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Technology Stocks : Ciena (CIEN)

CIEN 200.18

+2.0%

4:00 PM EST

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To: Sam Citron who wrote (482)	7/3/1997 6:06:00 AM
From: Jim Rathmann	of 12623

Looks like the underwriter's scaled back the offering a little: (About 1 million shares and 3 1/4 points) Not quite as lucrative a market for the stock as anticipated? biz.yahoo.com LINTHICUM, Md., July 2 (Reuter) - CIENA Corp shares slipped slightly in very heavy trading after it completed a secondary offering of 9,110,622 shares. The stock lost 3/16 to 45-1/16 and was one of the most heavily traded Nasdaq issues. More than three million shares had changed hands after two hours of trading. The shares sold for $44 each in the offering. Of the total number of shares, only one million were sold by the company while 8,110,622 shares were offered by selling shareholders. When the company filed for the offering secondary offering, it planned to sell even more shares -- 10 million -- for roughly $47.25 each. Heavy Volume? A look at the intraday chart shows a 50,000 share block trading hands at bid about 2 dozen times. Makes you wonder how many shares actually were bought and sold ...

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