Finisar Corporation FNSR was a big mover last session, as the company saw its shares rise over 8% on Friday. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $23.08 to $26.76 in the past one-month time frame.
The upside was driven by the news that the company is likely to supply a huge number of vertical-cavity surface-emitting lasers or VCSELs for Apple's next iPhone. This deal is expected to provide nearly $20-$30 million in high-margin sales in the October and January quarters.
The company has seen three negative estimate revisions in the past one month, while its Zacks Consensus Estimate has also moved lower over the said time frame, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Finisar Corporation currently has a Zacks Rank #3 (Hold) while its Earnings ESP
Finisar Corporation Price
Finisar Corporation Price | Finisar Corporation Quote
A better-ranked stock in the Fiber Optics industry is Ciena Corporation CIEN , which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
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