Think about it . Off Wall Street is an independent research firm that charges 50k/report/client and is famous(infamous) for its consistently negative reports . 80% of the time their reports conclude with a strong sell recommendation
Now you are a hedge fund caught up in a bad quarter /year with another losing position ( short CIEN ) or
worse yet a new short position and you are a long term client of Off Wall Street . Off Wall Street knows that
your firm is known as having large short positions . This particular client requests a report on CIEN ; do you really think Off Wall Street is going to dump on that client and rec . a buy ? No chance .
Is it legal or legit ? Absolutely , I'm sure any competent analyst can put together a compelling 20 page negative report on every ticker in your portfolio and in most cases the results would have a greater negative impact than yesterday's activity in CIEN . In most case 10~12 % .
This was the perfect timing by someone trying to score with a short or large naked call position in Cien .
Cien had moved nicely in recent sessions and the company does not report for several weeks and management has a long history of not responding to these type of hit pieces . Perfect target for Off Wall Street .
Did it work ? Hell yes , but for how long ? Even the slightest reversal in the next few sessions and our
hedge fund buddies will run like a rabbit .
I added to my position twice yesterday and I'm not concerned . The news coming from Ciena is just
too good for ONE biased paid for hired gun report to stop the momentum . We go higher , much higher .
Thank you once again Off Wall Street .... my favorite rainmaker .