The optical and electronic manufacturing service provider issues a fiscal first-quarter forecast below Wall Street estimates.

Though many tech names still carry high multiples, there are now quite a few with reasonable valuations.

This earnings season is already showing that capital spending from cloud giants remains far stronger than spending from traditional carriers. That affects quite a few hardware and chip firms.

Though Finisar and a couple of other component vendors have offered disappointing outlooks, strong demand from cloud giants should continue propping up the industry.

"Bob is the right leader at the right time for The Walt Disney Company, and the board has full confidence in him and his leadership team,' said Disney chair Sue Arnold.

"After thorough consideration, the Board determined that it was time for a change in leadership," said independent director Harriet Edelman.

"I've learned firsthand that it is indeed fun to do the impossible," said co-founder Ben Silbermann. "And with Bill as our CEO, I know that the fun is just getting started."