Nearest Support: $16.50
Catalyst: Surprise Profit A surprise first-quarter profit is spiking shares of communications stock Ciena ( CIEN) today, with shares up 16% as I write this afternoon. Analysts had expected a net loss for the quarter, but the firm actually earned 12 cents per share. Ciena has already seen three times its normal daily volume halfway though Thursday's market session. Shares of Ciena had been consolidating sideways for the last quarter and change, but today's massive gap up changes that. The move also puts $18 resistance within reach this month as the broad market pushes through to new highs. While risk is outsized right now in CIEN with shares so close to resistance, that tradeoff flips once resistance gets taken out. I'd recommend being a buyer on a move through $18.