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TheStreet Open House

Market Preview: Clouded by Question Marks

The admission came via a Form 8-K filing with the Securities and Exchange Commission after Facebook shares plumbed a new all-time low of $17.55 during Tuesday's regular session and closed down 1.8% at $17.73.

Elsewhere in the filing though, Facebook said it plans to temporarily waive certain restrictions on some employee stock sales for a short period after its third-quarter report in October. The company said it estimates 234 million shares "held by employees who are employed by Facebook through October 15, 2012, will be eligible for sale in the public market as of market open on October 29, 2012."

The stock was bouncing 2% to $18.08 on after-hours volume of 1.14 million, according to Nasdaq.com.

Also moving in the extended session was Finisar, which was ticking lower after coming up short on its fiscal first-quarter earnings. The company reported a non-GAAP profit of $10.9 million, or 12 cents a share, on revenue of $220.5 million for the three months ended in July, missing the average estimate of analysts polled by Thomson Reuters for earnings of 14 cents a share on revenue of $226.3 million.

Finisar cited "sluggish macroeconomic conditions" in Europe as well as slowing growth in China for the weak performance but said it expects revenue growth to resume in the current quarter. For its fiscal second quarter ending in October, the company forecast non-GAAP earnings of 12 to 16 cents a share on revenue ranging from $225 million to $240 million. The current consensus view is for a profit of 19 cents a share on revenue of $236.2 million.

The stock dipped 2 cents to $13.50 on volume of around 350,000 in late trades.

-- Written by Michael Baron in New York.



>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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