Ciena (CIEN, news, chart, volatility) is seeing unusual trading. Shares are down 45 cents to $8.59 and put volume is outpacing call volume by a ratio of 5-to-1. 7,670 puts traded on the network equipment maker. Feb 5 puts are the most actives. 5,000 traded, including two blocks (1,538 and 1,166) at the offer for 15 cents at Noon ET. No news today. Earnings due out late Feb/early-March, probably after the Feb options ex.