Paul,
>> ...I only wish an estimated sales volume number was included in the press release.<<
Yes, I agree. Seems like lots of CIEN's the press releases
are like - I just assume they're for small amounts, because
if they were big, they would say so.
>>Merrill is so screwed up in their ratings that I would not be surprised<<
Not quite sure what you mean...Do they have a rep of spewing
out bad info. It would have been nice if they had specified
who contract was from. I thought this could have been
Briefing.com's fault.
Because of the press release below, I'd say they're referring
to the Hermes Europe Railtel contract (which was conveniently
release immediately after the Guy Powell press release.)
I agree with M.Lynch that this is an 'accumulate' at the moment.
Seems like there still isn't any real positive news yet.
Today, make make the first time the price ends up above 49.
Usually, momentum traders have been running up the price high,
but it will drop significantly by end of day. (IMO)
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Here's another version (by Reuters) of the
Briefing.com press release:
NEW YORK, April 29 (Reuters) - Merrill Lynch said Wednesday
that it upgraded its near-term rating on CIENA Corp. to
accumulate from neutral, while maintaining a long-term rating
of accumulate.
-- cites contract award from Hermes, which Merrill values
at about $10 million to $15 million.
-- says CIENA stock will likely trade on contract awards
rather than earnings.
-- sees significant decline in earnings for the April
quarter, which it expects to be the worst quarter. Sees EPS for
April quarter $0.28.
-- stock up 2-7/16 at 50-7/8. |
