Short Speculators Profit on Lumentum Holdings (LITE) Downside, Despite Rosenblatt Defense, Following Apple (AAPL) Investment into Finisar (FNSR)

This morning Apple (NASDAQ: AAPL) awarded $390 million to Finisar (NASDAQ: FNSR) from the company's $1 billion Advanced Manufacturing Fund, thus highlighting Apple's commitment to manufacturing innovation and job creation in America.

Bearish speculators in Lumentum Holdings (NASDAQ: LITE) were also pleased by the news, with shares falling nearly 12% at the opening bell. According to data from S3 Partners, traders held positions of over $652 million dollar at risk or 12.6 million shares short, representing a 21.6% short float into the announcement.

Rosenblatt analyst Jun Zhang published a note during the trading session on LITE, defending the company, while suggesting the Apple announcement was 'Neutral' to Lumentum's outlook. Shares of Lumentum have recovered half the downside from the news since the opening trade, down only 6% currently.

Short Data provided by www.S3partners.net

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