Optical Stocks Slammed After Finisar (FNSR) Issues Major Profit Warning (JDSU) (OCLR) (OPLK) (CIEN) (INFN)
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Price: $23.77 --0%
Financial Fact:
Amortization of acquired developed technology: 990K
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Amortization of acquired developed technology: 990K
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Optical stocks are getting taken to the woodshed tonight following weak guidance from Finisar Corp. (Nasdaq: FNSR) after the close.
Finisar reported in-line third quarter results, but said it sees fourth quarter EPS of $0.31-$0.35, which is well below the consensus of $0.48. Finisar sees Q4 revenue of $235-$250 million, versus the consensus of $268.55 million.
Finisar said, "the Company will be impacted by the full three months of the annual price negotiations with telecom customers that typically take effect on January 1, the 10-day long shutdown at certain customers for Chinese New Year in February, the adjustment of inventory levels at some telecom customers, particularly for products which had previously been on allocation and long lead times, including WSS and ROADM line cards, and a slowdown in business in China overall."
Shares of Finisar are down 30 percent to $27.55 on the warning.
In addition to Finisar, collateral damage is being seen throughout the optical space.
Finisar reported in-line third quarter results, but said it sees fourth quarter EPS of $0.31-$0.35, which is well below the consensus of $0.48. Finisar sees Q4 revenue of $235-$250 million, versus the consensus of $268.55 million.
Finisar said, "the Company will be impacted by the full three months of the annual price negotiations with telecom customers that typically take effect on January 1, the 10-day long shutdown at certain customers for Chinese New Year in February, the adjustment of inventory levels at some telecom customers, particularly for products which had previously been on allocation and long lead times, including WSS and ROADM line cards, and a slowdown in business in China overall."
Shares of Finisar are down 30 percent to $27.55 on the warning.
In addition to Finisar, collateral damage is being seen throughout the optical space.
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