Finisar Corporation FNSR shares are trading higher by $1.20 (3.7 percent) at $33.96 in Monday's session. The catalyst for the rally is an upgrade at Needham from Buy to Strong Buy.
The issue, which had two days of nearly identical ranges on Wednesday ($32.44 to $32.96) and Friday ($32.51 to $33), opened sharply higher and marched to $34.99 before reversing course. That marks the highest level for the issue since March 8, 2011, when it peaked at $41.70. The following day it tumbled to $24.61 as the company posted a strong Q3 beat, but lowered expectations for Q4.
Since retreating from the highs, it has declined to $33.70 and is struggling to remain in the $34 handle.
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