Updated from 5:34 p.m. ET to include Finisar, other companies, latest prices
NEW YORK ( TheStreet) -- Netflix (NFLX - Get Report) shares tumbled late Thursday after Starz announced it's ended contract renewal discussions with the high-flying DVD rental and content streaming company.
The stock was last quoted at $213.03, down 8.7%, on volume of around 520,000, according to Nasdaq.com.
"Starz Entertainment has ended contract renewal negotiations with Netflix," said Chris Albrecht, the company's president and CEO, in a statement. "When the agreement expires on February 28, 2012, Starz will cease to distribute its content on the Netflix streaming platform."
FinisarShares of Finisar (FNSR - Get Report) jumped late Thursday after the optical communications equipment maker topped its earnings forecast for its latest quarter by keeping a lid on operating expenses. The stock rose nearly 10% in extended action to $20.39 on volume of more than 800,000. The Sunnyvale, Calif.-based company reported a non-GAAP profit of $19.5 million, or 21 cents a share, for the three months ended in July on revenue of $228.2 million. The average estimate of analysts polled by Thomson Reuters was for earnings of 18 cents a share in the quarter on revenue of $228.4 million. Finisar had projected earnings of 16 to 20 cents a share in its fiscal first quarter. The company said gross margins came in at 32.1%, above its expected range of 30.7% to 31.7%. Other optical networkers were also active in the after-hours session with JDS Uniphase (JDSU - Get Report) rising 2.5% to $13.30 on volume of more than 600,000; and Oclaro (OCLR - Get Report), adding 6.5% to $4.45 on volume of more than 50,000.
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