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CIEN

Ciena

$20.57

-0.855 (-3.99%)

11:10
10/12/16
10/12
11:10
10/12/16
11:10

Ciena options volume is 4.5X daily average and calls lead puts 3:1

Ciena options volume is 4.5X daily average and calls lead puts 3:1. The stock is down 80c to $20.62 amid weakness in the sector after Fortinet's (FTNT) earnings. On the options front, the top trade in Ciena is a Jan 22 - 26 call spread for 91c, 4000X, and appears to be rolling a block of long calls down 4 strikes. If so, it adjusts a bullish position in Jan 26s opened in mid-August and is expressing confidence that shares will rebound through yearend. Nov 25th 21 calls, Jan 22 calls, and Oct 21 puts are also seeing interest. Total volume is roughly 13K calls and 3.6K puts.

CIEN Ciena
$20.57

-0.855 (-3.99%)

09/02/16
09/02/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Carnival (CCL) downgraded to Underweight from Equal Weight at Morgan Stanley by analyst Jamie Rollo after the firm's checks indicated cruise demand weakened and prices were soft in August. The analyst lowered Carnival's price target to $48 from $54. 2. lululemon (LULU) downgraded to Equal Weight from Overweight by Morgan Stanley analyst Kimberly Greenberger following the company's earnings report. She noted that the company's comps are decelerating and that traffic remains a headwind. Given the slowdown seen in Q2, Greenberger lowered her comp assumptions and cut her price target on lululemon shares to $70 from $74. 3. Morgan Stanley analyst Meta Marshall downgraded Ciena (CIEN) to Equal Weight from Overweight, saying that while the company can likely outgrow the market over the next couple of years, its industry remains intensely competitive and growth is slowing in the long haul market, leaving little room for multiple expansion. Marshall maintains a $23 price target on Ciena shares. 4. Smith & Wesson (SWHC) downgraded to Hold from Buy at Craig-Hallum by analyst Steven Dyer, as he thinks the current environment is "as good as it gets" for firearms demand. Based on past cycles, Dyer contends that November's election and activity right after that will likely mark the top of the current firearms cycle and the stock will react as comps become more difficult. 5. STMicroelectronics (STM) downgraded to Underperform from Neutral at BofA/Merrill, with the firm saying structural pressures will drive declining revenue from Q3 of 2017 and beyond. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/06/16
NEED
09/06/16
NO CHANGE
Target $30
NEED
Buy
Needham more positive on Ciena business outlook
Needham analyst Alex Henderson has a more positive perspective on Ciena's shares and the company's business outlook following its earnings release. Given the accelerating demand, strengthening metro and more end-to-end with Flex Coherent, the analyst believes Ciena is "uniquely positioned for growth" with expanding margins. He reiterates a Buy rating and $30 price target on the shares.
09/30/16
STFL
09/30/16
INITIATION
STFL
Hold
Ciena coverage resumed with a Hold at Stifel
Stifel analyst Patrick Newton resumed coverage of Ciena with a Neutral rating. He says that consensus estimates for the company adequately reflect its growth opportunities. Target $23.
10/06/16
MKMP
10/06/16
NO CHANGE
Target $28
MKMP
Buy
Ciena's Q4 orders are strong, says MKM Partners
MKM Partners analyst Michael Genovese said Ciena mid-quarter field checks suggest Q4 orders are strong with incremental order acceleration in the Subseas market in the US, Asia-Pacific, and in the US Metro market. Genovese believes investor gross margin fears are overblown and reiterates his Buy rating and a $28 price target.

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