Ciena Corporation (CIEN) Traders Zero In On $20

Ciena Corporation (CIEN) is sitting at its year-to-date breakeven level

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Published on Mar 30, 2015 at 3:19 PM
Updated on Apr 20, 2015 at 5:32 PM

Ciena Corporation (NYSE:CIEN) puts have been bought to open over calls at a quicker-than-usual clip in recent weeks. The stock's 10-day put/call volume ratio across the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 0.77, which ranks in the 85th percentile of its annual range.

This isn't any great surprise, considering CIEN's technical track record. The shares are up 1.2% this afternoon to trade at $19.41, but that only brings them to their year-to-date breakeven mark. Plus, longer term, the communications networking stock is down 14.4% year-over-year.

Today, both calls and puts are running at more than double their usual intraday pace. In the top spot is the out-of-the-money April 20 call, which traders are buying to open. In short, they expect Ciena Corporation (NYSE:CIEN) to topple the round-number $20 level by the close on Friday, April 17, when front-month options expire.


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