Bearish flow noted in Ciena with 1,259 puts trading, or 4x expected. Most active are Mar-24 50 puts and May-24 45 calls, with total volume in those strikes near 1,500 contracts. The Put/Call Ratio is 2.85, while ATM IV is up nearly 2 points on the day. Earnings are expected on June 4th.
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Read More on CIEN:
- Ciena price target raised to $63 from $60 at Barclays
- Ciena says not going to get inventory down as low as anticipated
- Ciena cuts FY24 revenue view to $4B-$4.3B from up 1%-4%, consensus $4.5B
- Ciena sees Q2 revenue $850M-$930M, consensus $1.1B
- CIEN Earnings: Ciena Reports Strong Q1 Earnings
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