NEW YORK (

TheStreet

) -- Shares of

Discover Financial Services

(DFS) - Get Report

got a bump higher in late trades on Wednesday after the company unveiled a new $1 billion common stock buyback.

The Riverwoods, Ill.-based provider of credit cards, loans and ATM services said its board has approved the repurchase program, which expires in June 2013. The company's current market capitalization, based on 545.5 million outstanding shares, is roughly $12.5 billion.

"The share repurchase program reflects our commitment to be efficient managers of our shareholders' capital over the long term," said David Nelms, the company's chairman and CEO, in a statement. "Our intention is to manage our capital to maintain a strong capital level and return on equity while investing in growth opportunities and returning excess capital to our shareholders."

The stock was last quoted at $23.19, up 1%, on volume of around 70,000, according to

Nasdaq.com

. Based on a regular session close at $22.95, the shares were up 25% so far in 2011.

Wall Street is divided on the stock at the moment with 11 of the 20 analysts covering the shares at hold with the remainder split between strong buy (5) or buy (4), and the median 12-month price target at $26.

Finisar

Shares of

Finisar

(FNSR) - Get Report

tumbled in late trades on Wednesday after the optical networking equipment provider reported mixed quarterly results and gave a weak outlook.

Shortly after the closing bell, Sunnyvale, Calif.-based Finisar posted a non-GAAP

generally accepted accounting principles profit of $32.1 million, or 33 cents a share, for its fiscal fourth quarter ended on April 30, up from a year-ago equivalent profit of $16.7 million, or 22 cents a share, but a sequential decline from adjusted earnings of $42.5 million, or 47 cents a share, in the third quarter.

Revenue came in at $236.9 million for the latest quarter vs. $188.5 million a year ago, and $263 million in the January-ended period.

The average estimate of analysts polled by

Thomson Reuters

was for earnings of 33 cents a share in the April-ended quarter on revenue of $242.8 million.

The company said it sees non-GAAP earnings of 16 to 20 cents a share in its fiscal first quarter ending in July with revenue projected between $221 million to $236 million. The current average analysts' view is for earnings of 36 cents a share in the first quarter on revenue of $251.8 million.

The stock was last quoted at $14.95, down 15.7%, on after-hours volume of nearly 1.9 million, according to

Nasdaq.com

. Based on a regular session close at $17.73, the shares were off 36% so far in 2011, and more than 50% since hitting a 52-week high of $46.09 in mid-February.

Elsewhere among the optical names,

JDS Uniphase

(JDSU)

fell 4.7% to $15.75 in late trades on volume of more than 470,000, and

Oclaro

(OCLR) - Get Report

lost 4.5% to $6.66 on volume of more than 28,000.

Also taking a hit were

Ciena

(CIEN) - Get Report

, which was crushed after reporting its quarterly results earlier this month, falling another 2.5% to $17.65 on volume of around 180,000; and

Oplink Communications

(OPLK)

, sliding 3.5% to $15.81 on volume of less than 10,000.

Rubicon Technology

Shares of

Rubicon Technology

(RBCN) - Get Report

tacked on 3.7% to $19.50 on volume of around 800,000 after the Bensenville, Ill.-based maker of semiconductor materials said it expects second-quarter results to come in at the high end of its prior outlook, although its actual earnings will take a hit on tax accruals.

The company sees pre-tax earnings and revenue for the June-ended quarter coming in at the high end of an outlook for a profit of 82 to 86 cents a share on revenue of between $40 million and $43 million.

Rubicon explained, however, that because it plans to begin accruing for federal income taxes, its tax rate will be 40% for the latest quarter vs. the 7% rate referenced in its original guidance. At that rate, the company sees earnings for the period coming in between 53 to 55 cents a share.

--

Written by Michael Baron in New York.

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Michael Baron

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