Today's Dead Cat Bounce Stock Is Ciena (CIEN)

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Ciena ( CIEN) as a "dead cat bounce" (down big yesterday but up big today) candidate. In addition to specific proprietary factors, Trade-Ideas identified Ciena as such a stock due to the following factors:

  • CIEN has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $82.2 million.
  • CIEN has traded 356,060 shares today.
  • CIEN is up 3.4% today.
  • CIEN was down 9.5% yesterday.

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More details on CIEN:

Ciena Corporation provides communications networking equipment, software, and services that support the transport, switching, aggregation, and management of voice, video, and data traffic worldwide. Currently there are 13 analysts that rate Ciena a buy, no analysts rate it a sell, and 3 rate it a hold.

The average volume for Ciena has been 2.7 million shares per day over the past 30 days. Ciena has a market cap of $2.1 billion and is part of the technology sector and telecommunications industry. The stock has a beta of 1.62 and a short float of 30.3% with 4.23 days to cover. Shares are down 14.5% year-to-date as of the close of trading on Wednesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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Quant Ratings Upgrades Ciena to a 'Buy,' but the Charts Look Mixed