Finisar's Lower Q2 Guidance Trumps Inline Q1

Finisar Corporation FNSR shares are trading lower by $1.60 at $20.39 in Friday's session.

After Thursday's close, Finisar reported an inline Q2 EPS along with a slight beat for sales, however, the company significantly reduced Q2 EPS and sales guidance.

After a lower open, Finisar continued in that direction before finding bottom at $20.21 and began to move higher. The ensuing rally took the stock to $21.25, which is just shy of the lower-end of Thursday's session ($21.42). The stock hasn't traded under $20.00 since August 16, 2016, when it bottomed at $19.70.

It has been unable to hold the gains from that rally and is now drifting back towards the lows for the day.