This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Finisar, PetSmart: After-Hours Trading (Update 1)

Updated from 5:33 p.m. ET to include latest share prices and information on Sotheby's Holdings.

NEW YORK (TheStreet) -- Shares of Finisar (FNSR) fell in late trades after the optical networking company fell short on the top line in its latest quarter and gave a below-consensus outlook.

Sunnyvale, Calif.-based Finisar reported non-GAAP earnings of $21.9 million, or 23 cents a share, in the three months ended Jan. 29, up slightly from an equivalent profit of $21.5 million, or 23 cents a share, in the second quarter ended in October. Revenue totaled $243 million in the latest quarter, up 0.6% from $241.5 million in the second quarter.

The average estimate of analysts polled by Thomson Reuters was for earnings of 22 cents a share in the third quarter on revenue of $245 million.



The stock was last quoted at $18.10, down 10.8%, on volume of nearly 730,000. Based on Wednesday's regular-session close at $20.29, the shares are down more than 40% in the past year.

Finisar also forecast non-GAAP earnings of 18 to 22 cents a share on revenue ranging from $235 million to $250 million for its fiscal fourth quarter ending in April. That view is below the current consensus estimate for a profit of 25 cents a share in the quarter on revenue of $253.5 million.

"Sales of datacom products were strong," said Jerry Rawls, the company's executive chairman, in a statement. "Gross margin was relatively unchanged from the preceding quarter, despite the impact of one month of the annual price reduction for telecom products. We held operating expenses below plan, so that operating income and operating margin increased relative to the preceding quarter."

The news was impacting shares of the other main optical networkers in the extended session with Ciena (CIEN), down 2% to $14.60 on volume of more than 90,000; and JDS Uniphase (JDSU), losing 2.5% to $12.70 on volume of nearly 100,000.

Check out TheStreet's quote page for Finisar for year-to-date share performance, analyst ratings, earnings estimates and much more.

Petsmart

Shares of PetSmart (PETM) were weak after the bell as well despite a penny beat by the Phoenix-based pet products retailer in its latest quarter.

Amid a 5.5% increase in same-store sales, PetSmart reported fiscal fourth-quarter earnings of $102 million, or 91 cents a share, on sales of $1.64 billion, besting Wall Street's consensus view for a profit of 90 cents a share in the January-ended period on sales of $1.62 billion.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs