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Technology Stocks : Ciena (CIEN)
CIEN 199.26-1.1%Nov 7 4:00 PM EST
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To: Gary Korn who wrote (2940)9/12/1998 12:48:00 AM
From: Gary Wisdom  Read Replies (1) of 12623
 
Gary, re: unwinding of Ciena position by Tellabs

6.5% of Ciena would be about 6.7MM shares. Considering that over 55MM shares of Ciena have traded in the past 3 days alone, I can't imagine that it hasn't been fairly easy to dispose of this holding without waiting until the last hour of the day on a Friday. (Plus, there wasn't that much volume the last hour).

Here's my conspiracy theory:

Merrill is the investment banker for another firm that is dying to buy Ciena. So, they are pummeling the stock in order to thwart the Tellabs deal. They might lose a little trading, but they'll make up for it with investment banking fees.

If that is the case, both Ciena and Tellabs will skyrocket. Ciena because of a better offer; Tellabs because they'll no longer have big dilution.

Of course, this is my dream. But stranger things have happened.
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