Finisar Jumps 18.3% on Acquisition Announcements and Raised Estimates

Fiber-optic systems company

Finisar

(FNSR) - Get Report

was up 18.3% at midday, continuing a sharp run-up that began after it announced several acquisitions Tuesday. The company late Tuesday also reported second-quarter earnings of 4 cents a share, beating the Street's estimate of 3 cents, and up from 1 cent a year ago.

Wit SoundView

today raised earnings estimates for the year 2000 to 18 cents from 13 cents and for 2001 to 32 cents from 19 cents. Other optical stocks were lower.

JDS Uniphase

(JDSU)

was down 1.6%, and

Corning

(GLW) - Get Report

was off 0.7%.