Patric,
Do I "fear" a dip below $20? Not exactly. It may very well happen, but I don't fear it. In fact, I'll find some way to average down in a significant way for my position if that happens.
As for your second question, anyone doubt that Nettles intends to focus on building Ciena's business rather than being acquired, here's my take. I never really doubted that Nettles was focused on rebuilding Ciena's business. He'd not be much of a CEO if he didn't rebuild. However, where I disagree with the implication of your question is that I think rebuilding Ciena's business is HOW Nettles will eventually sell off Ciena. Who wants em now for the price that Nettles reportedly insisted on ($30's or $40's) 6 months ago. Not many. However, if this acquisition strategy bears fruit, then perhaps a year or so from now, maybe several bidders would like Ciena above $50. I remember when ASND (who is definitely no Ciena) reportedly balked at $35 from LU, and so many folks said that they shoulda taken it. Well, the deal will probably close well above $80, less than a year after ASND's rejection of $35.
-John
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