By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Big gains from Finisar Corp.
helped lift other optical networkers Thursday as much of the
technology sector added to the previous day's gains in late
trading.
The Nasdaq Composite Index (RIXF) rose more than 26 points to
2,575, while the Philadelphia Semiconductor Index (SOX) rose
1.7%.
Finisar (FNSR) shares surged 17.5% 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 5%; Oclaro
Inc. (OCLRD) climbed 7.5%, and Infinera Corp. (INFN) rose 4%.
Among other tech stocks, chip maker Atmel Corp. (ATML) gained
more than 6% after Collins Stewart initiated coverage on the stock
with a buy rating.
Micron Technology Inc. (MU) advanced 6%, while gains also came
from Microsoft Corp. (MSFT), Apple Inc. (AAPL), Google Inc. (GOOG),
H-P and Cisco.