NEW YORK -(Dow Jones)- Shares of Ciena Corp., which has been tagged
with takeover rumors since the September breakup of its intended merger
with Tellabs Inc. (TLAB), jumped again Friday.
The Maryland-based telecommunications-equipment maker's stock surged
nearly 15%, but analysts said sharp moves in share price based on thin
rumors are not new for Ciena.
"I assume it's the same old story," said ING Baring Furman Selz LLC
analyst Michael Neiberg.
Another analyst said that given the stock's heavy volume, "I suspect
it's takeover rumors."
Industry analysts, however, were not aware of specific information
behind the run-up Friday. Neither was the company.
"We're not aware of anything," spokesman Denny Bilter said.
Late Friday, Ciena stock (CIEN) was up $2.375, or 14.8%, at $18.438
on Nasdaq volume of 15.1 million shares, compared with a daily average
of 10 million.
-By Jessica Madore Fitch; 201-938-5172
-Shawn Young also contributed to this story
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