Finisar Rises After Beating Estimates, Setting Acquisitions
Shares of
Finisar
(FNSR) - Get Finisar Corporation Report
surged after the fiber-optics systems company beat analysts' expectations for the second quarter and disclosed a series of acquisitions.
Shares of Finisar were recently up 22%, or $5.63, to $31.94 in
Nasdaq
trading.
Wit Soundview
today raised its earnings estimates for the full year to 18 cents a share from 13 cents and reiterated the shares as a strong buy, with a 12-month price target of $57.
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On Tuesday, the Sunnyvale, Calif., company said it earned $7.5 million, or 4 cents a share, for the second quarter, compared with $1.3 million, or a penny a share, in the same period last year, beating the
First Call/Thomson Financial
seven-analyst estimate of 3 cents a share.
The company also said was acquiring three companies,
Demeter Technologies
,
Transwave Fiber
and
Shomiti Systems
.
