Buzz Stocks: Ciena Corporation, Wynn Resorts, Limited, and Tesla Motors Inc

After the first monthly loss since January, U.S. stocks are looking to start September on an upbeat note. Among specific equities in focus are network specialist Ciena Corporation (NYSE:CIEN), casino stock Wynn Resorts, Limited (NASDAQ:WYNN), and automaker Tesla Motors Inc (NASDAQ:TSLA).

• CIEN is pointed 2.6% higher in electronic trading, after initially dipping in the wake of this morning's fiscal third-quarter earnings report. Specifically, the company revealed earnings that beat analysts' expectations, but revenue for the quarter fell short. Ciena Corporation is 3.7% above its year-to-date breakeven point, as of Wednesday's close at $21.45, and the stock has been surrounded by strong bullish sentiment of late. For example, options traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have purchased more than nine CIEN calls for each put over the past 10 weeks. Moreover, the resulting call/put volume ratio of 9.04 sits higher than 90% of the past year's readings.

• WYNN is benefiting from news that gambling revenue in Macau climbed 1.1% year-over-year in the month of August -- its first rise in more than two years. The shares of Wynn Resorts, Limited have tacked on 4.9% so far in pre-market trading, after closing Wednesday at $89.32 -- up more than 29% in 2016. Call buying continues to be a popular strategy in WYNN's options pits, but that doesn't mean everyone is a bull. Short interest currently accounts for 11.5% of the stock's total float. Plus, three-quarters of the analysts tracking the shares maintain a "hold" or worse recommendation.

• TSLA has found itself in the headlines for a second day in a row, after a regulatory filing showed Lazard Ltd (NYSE:LAZ) mistakenly undervalued SolarCity Corp (NASDAQ:SCTY) by $400 million while advising Tesla Motors Inc on its acquisition plans. Luckily, the agreed upon purchase price of $25.37 per share still falls within the correct valuation range for the solar company. The news has TSLA off just 0.4% pre-market, relative to Wednesday's close at $212.01, but the shares are already sitting on a nearly 12% year-to-date deficit. And it appears many traders are hoping for more losses, as 22.6% of the stock's available float remains tied up in short interest, accounting for nearly two weeks' worth of trading, at TSLA's typical daily volumes.

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