Finisar

(FNSR) - Get Report

was down 27.3% in preopen

Island

trading. After Tuesday's close, the fiber-optic company met the Street's third-quarter estimate of 5 cents per share -- up from 1 cent a year earlier -- and announced that it would acquire

Marlow Industries

for $300 million in cash and stock.

Finisar also lowered guidance for the rest of 2001 and 2002.