Finisar Plummets After Q3 Miss

Finisar Corporation FNSR shares are trading lower by $6.40 (17 percent) at $28.50 in Friday's session.

The catalyst for the decline is a Q4 adjusted EPS of $0.03 along with a $9 million miss for sales. The company forecasts Q4 adjusted EPS in the $0.50-$0.56 range vs. $0.58 estimates and sales in the $360-$380 million range vs. $393 million estimates.

After a lower open, Finisar's stock managed a brief bounce to $29.41 before continuing its move lower. It has continued to make lows for the session, with the current one standing at $28.22. That marks the lowest level for the issue since January 23, when it bottomed at $27.22.

Earlier in January, the issue had a series of lows at the $28.40 area just ahead of the dip to its $27.22 low.