NEW YORK ( TheStreet) -- Shares of Finisar (FNSR - Get Report) rose on heavy volume in Thursday's afterhours action after the Sunnyvale, Calif.-based optical communications equipment maker gave a bullish financial forecast.
After the closing bell, the company said it now expects revenue of $240 million to $241 million for its fiscal second quarter ended Oct. 31, well above both its previously projected range of $215 million to $230 million, and Wall Street's current consensus estimate of $223.7 million. It also offered up a positive preliminary view for the current third quarter, projecting revenue ranging from $247 million to $262 million, also ahead of analyst expectations of $231.5 million.
Citing the higher revenue and a favorable product mix, Finisar expects its margins to also come in better than expected, and forecast non-GAAP
Finisar shares were last quoted at $20.33, up 13.4%, on volume of nearly 350,000, according to Nasdaq.com.The stock closed the regular session at $17.93, down about 6% as part of the collateral damage from Cisco Systems' (CSCO) mediocre outlook, but it was still up about 112% year-to-date at that level. The 52-week high for the shares is $21.44, which was reached on Oct. 15.A big mover to the downside in late trades was DynaVox (DVOX - Get Report), which was quoted at $4.62, off 20.6%, on volume of almost 90,000 shares. The catalyst for the sell-off was commentary accompanying the company's fiscal first-quarter report saying the weak demand leading to a 11% year-over-year decline in sales for the three months ended Oct. 1 was continuing in the second quarter. "The