Finisar Corp. (FNSR) is a California based telecom and network communications device and service provider that operates both domestically and with a significant international presence. At the time of this post (12:10PM CST), FNSR is currently trading at 22.11 up 8.76% on the day. The stock is higher on positive forward guidance that exceeded expectations as a part of yesterday’s Q3 earnings call. With today’s sharp break higher through 22.00 resistance on the daily chart, the stock is currently trading within the upper-middle portion of its 52 week trading range of 14.22-28.85.
Stock is ripping higher today on earnings and it appears that traders believe this trend will continue through April expiration. Earlier today a trader bought 6,668 FNSR Apr 23 Calls for $0.70. This was labeled an opening position and would express a very bullish sentiment in FNSR. With activity this strong and a great earnings release I will be looking for more upside in FNSR.
Trade: A trader bought 6,668 FNSR Apr 23 Calls for $0.70.
Risk: $70 per 1 lot
Reward: Unlimited
Breakeven: $23.70
Andrew Keene
President/Founder
KeeneOnTheMarket.com
