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Applied Optoelectronics Sharply Higher After Q3 Beat

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Applied Optoelectronics Inc (NASDAQ: AAOI) shares are trading higher by $6.40 at $44.29 in Wednesday's session.

After Tuesday's close, the company reported a Q3 adjusted EPS beat of 6 cents along with a sales beat of $1.4 million. At this time, the Street isn't concerned with its lower Q4 guidance.

After a higher open, AAOI had a $1.00 retreat to $39.10 before continuing its move higher. The ensuing rally took the stock to $44.64 and it's not far off that level. That high coincides with its Oct. 18 high ($44.59), but is shy of its Oct. 17 high ($45.50).

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