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Finisar Corporation (NASDAQ:FNSR) shares are trading higher by $3.20 (11 percent) at $28.86 in Friday's session. The Street is finding something to like in what appears to be a so-so report and guidance.
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After Thursday's close, the company announced inline Q4 EPS report with a slight miss for sales. The company significantly reduced Q1 adjusted EPS to $0.37-$0.43 vs. $0.51 estimates, as well as reducing sales to $330 million-$350 million vs. $369.5 million estimates.
After a higher open, Finisar had only a dime retreat to $27.65 before continuing its move higher. So far, the ensuing rally has taken the stock to $28.99 and has now backed off that level. That high coincides with its March 29 high of $29.01.