Applied Optoelectronics Inc (NASDAQ:AAOI) shares are trading higher by $2.00 (4 percent) at $58.99 in Friday's session.
The fiber-optic company peaked in July at $103.41 and was nearly cut in half when it bottomed on Sept. 5 at $55.13. The bulk of the decline came on Aug. 4 (falling from $97.99 to $64.60), following a Q2 earnings beat but weak Q3 sales guidance.
Since putting in the low for move, AAOI has revisited the $56.00 area on several occasions and rebounded. That's the case in today's session as well. After a slightly lower open, it breached Thursday's low ($56.75), by only by 20 cents, bottoming at $56.55 and reversed course.
The ensuing rally took the stock to $59.43, but drifted back to the $59.00 area. That high is just above Thursday's high of $59.24.
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