Finisar Rises After Beating Estimates, Setting Acquisitions

Shares of

Finisar

(FNSR) - Get 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.

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

.