By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Big gains from Finisar Corp. helped lift other optical networkers Thursday as much of the technology sector flexed its muscles and added to the previous day's gains.
The Nasdaq Composite Index (RIXF) rose almost 30 points to close at 2,579, while the Philadelphia Semiconductor Index (SOX) rose nearly 2%.
Finisar (FNSR) shares surged $3.29, or more than 16% after the company late Wednesday reported a fiscal second-quarter profit of $33.8 million, or 39 cents a share, on revenue of $241 million. The results compared with a loss of $31.5 million, or 49 cents a share, on $145.7 million in sales in the year-ago period.
The company also forecast a third-quarter profit of 45 cents to 47 cents a share on revenue of $247 million to $262 million.
Finisar makes receivers and transmitters used by the likes of Hewlett-Packard Co. (HPQ) and Cisco Systems Inc. (CSCO).
Spurred on by reaction to Finisar's results, other optical networkers rose. JDS Uniphase Corp. (JDSUD) shares rose 51 cents, or more than 4%, to $12.64; Oclaro Inc. (OCLRD) climbed by 91 cents a share, or almost 9%, to $11.07 and Infinera Corp. (INFN) shares added 32 cents, or almost 4%, to end the day at $8.56..
Among other tech stocks, chip maker Atmel Corp. (ATML) shares rose 72 cents, or 6.7%, to close at $11.47 after Collins Stewart initiated coverage on the stock with a buy rating.
Micron Technology Inc. (MU) advanced by 52 cents a share, or 7%, to close at $7.91, while gains also came from Microsoft Corp. (MSFT), Apple Inc. (AAPL), Google Inc. (GOOG), H-P and Cisco.