Traders Ignore Raymond James Finisar Upgrade

Finisar Corporation FNSR shares are trading lower by $0.22 at $26.76 in Monday's session. The loss comes on top of Friday's disastrous day, when the issue swooned from Thursday's closing price of $34.90 to $26.98, as the issue was punished for its Q3 miss and lower guidance.

Before the open, Raymond James made a bold call as it upgraded the stock from Outperform to Strong Buy. The upgrade instigated a higher open and had some follow through to $27.87 before sharply reversing course.

So far, the ensuing decline has breached Friday's low ($26.77), as the current low stands at $26.71. If the decline continues, based on the daily charts, the next support levels may not come in until its September 13 ($26.37) and September 12 low ($25.47).