Optics Get Hit On U.S. Ban
InTheMoneyStocks.com | Apr 16, 2018 12:42PM ET
Monday saw the optical device makers plunge after the U.S. Commerce Department banned domestic companies from selling components to Chinese telecom gear maker ZTE (OTC:ZTCOY). Leading optical device makers like Finisar (NASDAQ:FNSR), Lumentum (NASDAQ:LITE), Oclaro (NASDAQ:OCLR) and Acadia Communications (NASDAQ:ACIA) all came underselling pressure early Monday.h3 Support/h3
Finisar has been down-trending since March 2017, when it traded as high as $35. Today, FNSR is trading lower by 0.76 to $15.52 a share. Traders should note that the stock could see some very solid support around $13.75. That's where it broke out in February 2016. Very often, past breakout levels will be defended when initially tested. Finisar is expected to report earnings on May 1, 2018.
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