U.S. stocks opened in positive ground ahead of positive labor market data . November nonfarm payrolls rose 228,000 versus an estimated 200,000. The unemployment rate remained unchanged at 4.1%, nearly a 17-year low. Further, worker pay rose 5 cents, to an average of $26.55 an hour.
However, shares of Finisar Corporation (FNSR, Financial) lost ground in the pre-market session on the back of its financial results for the second quarter of its fiscal 2017. For the quarter ended Oct. 29, the company saw a revenue decline of 10.2% to $332.2 million, while its net profit advanced to 23 cents per share, missing estimates by 7 cents. Revenues beat analysts' expectations by $1.32 million.
Jerry Rawls, the company’s CEO, said that despite having a strong demand for their 100G QSFP28 transceivers for datacenters, total revenues declined.
He commented, “This decline was primarily due to lower revenues from our Chinese OEM customers. Also, during the second quarter, we began shipping production quantities of our VCSEL arrays for 3D sensing. In addition, after the end of the quarter, we acquired an approximately 700,000 square foot facility in Sherman, Texas. In the second half of calendar year 2018, we expect this facility will allow us to produce VCSEL arrays using 6” wafers for both consumer and automotive applications.”
Gainers
• Globus Maritime Ltd. (GLBS, Financial)
• Sigma Designs Inc. (SIGM)
• Top Ships Inc. (TOPS, Financial)
• Micron Technology Inc. (MU)
• Range Resources Corp. (RRC, Financial)
Losers
• Veeco Instruments Inc. (VECO, Financial)
• Digital Power Corp. (DPW, Financial)
• Ball Corp. (BLL)
• General Mills (GIS, Financial)
Global markets
The main European stock markets traded higher. Spain's Ibex jumped 1.10%, the U.K.'s FTSE gained0.93%, Germany's Dax closed up 1.17% and France's CAC advanced 0.47%.
In Asia, China's Shanghai closed up 0.55%, Hong Kong's Hang Seng jumped 1.19%, India’s BSE Sensexgained 0.91% and Japan's Nikkei advanced 1.39%.
Disclosure: The author holds no positions in any stocks mentioned.
