Ciena (CIEN) NewsBite - Ciena Q3 Profit Declines

Ciena New (NasdaqNM: CIEN) hit a new 52-Week low of $13.46 so far today. Currently the stock is down $3.82 (-21.92%) to $13.61 on 7,187,366 shares traded. Today's low is down $35.94 from a 52-Week high of $49.55. Ciena New stock has been showing support around $16.62 and resistance in the $18.02 range. Technical indicators for the stock are neutral and S&P gives CIEN a neutral 3 STARS (out of 5) hold ranking. Ciena reported this morning that its third-quarter profit fell to $11.7 million as a sharp increase in operating expenses overshadowed revenue growth. The company posted earnings of 37 cents per share, matching analysts' predictions, while revenue came in at $253.2 million. Analysts were looking for $253.7 million in sales. Ciena also predicted fourth-quarter revenue below analysts' expectations. If you are looking for a hedged play on CIEN the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 15 range.

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