By midmorning, shares had tanked 22.5% to $19.56. Trading volume of 12.6 million shares was nearly six times its three-month daily average.
Over the three months to April, Finisar earned 38 cents a share, 2 cents higher than analysts surveyed by Thomson Reuters expected. Revenue of $306.03 million was just over estimates of $303.2 million.
Must read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates FINISAR CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: "We rate FINISAR CORP (FNSR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
- You can view the full analysis from the report here: FNSR Ratings Report