I agree with Tim on this on, in fact I was already in PAIR before earnings, sold before they came out (luckily) and bought back in yesterday big time.
I have been watching the PAIR tape religously all week, and consistently we have seen 50K, 75K, 100K buys at or above the ask all week long, even today and yesterday after earnings disappointment.
I would not be surpised by a takeover (my guess Alacatel ALA), or even TUTS, CSCO, LU or others.
There is very little downside, 9 1/2 max IMO. Upside I think we will see $13-$14 w/in a month or two w/out a buyout and $18-$22 w a buyout.
It is a relatively safe play IMO.
Also, I recommended AFCI yesterday at $12, its not $11 3/4, even better buying opp, this one should see $13-$14 easily w/in two weeks IMO, also little downside.
CIEN also cheap at $20 3/8.
Good luck all.
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