Added FNSR at 26 7/16 on the dip - strong institutional interest today - from Briefing.com:
Finisar (FNSR) 27 1/4 +3 1/4: This week Briefing.com has been profiling a number of quality second and third tier
tech names that were clobbered during the tech wreck but that offer exciting near- and long-term growth potential...
FNSR is one such example... When the stock debuted last year it was an instant hit, surging from its offering price of
6 5/16 to 41 and change within two days... The stock subsequently dipped to 20 in February of this year only to
surge again during the tech climax, peaking at 61 11/16 (numbers reflect 3-for-1 stock split in April)... But then the
bear market in techs kicked in and FNSR went into a tailspin, plunging all the way back to 19 1/8... FNSR investors
found out that the one problem with vertical rallies is that there aren't many support levels on the way down... That
said, support in the 20 area did hold, and the stock has staged a modest recovery rally over the past several
sessions... What has been most impressive about the stock's rebound is the accompanying volume figures... Unlike
many tech names which are bouncing on relatively light volume, FNSR has enjoyed a huge spike in activity... Over the
past five sessions, the stock has averaged 3.1 mln shares traded... In the preceding five sessions the average volume
was a mere 663k... Trading is brisk again today, as more than 2.3 mln shares have changed hands already... Why all
the excitement... For one, FNSR is in the red-hot business of fiber-optics... Company provides fiber optic subsystems
and network performance test systems that enable high-speed data communications over gigabit ethernet-based
LANs and fibre channel-based SANs... Secondly, company is projected to earn $0.12 in FY00 and $0.17 in
FY01... Profitability in such a young tech company is rather uncommon these days... Finally, the company recently
completed a secondary offering so investors don't need to worry about additional dilution... Based on the company's
solid fundamentals, the relative strength of its industry group and improving technicals, Briefing.com contends that
FNSR is well positioned to a near-term test of 31-33 area, with penetration resulting a return to the 38-40 range. --
Robert Walberg, Briefing.com |
