Diamonds and Dogs
Not many stocks are higher, but Finisar (FNSR) is jumping 13% on 8 times normal volume following strong earnings. The optical component maker easily beat estimates on record quarterly sales. The analyst at MKM Partners upgraded the stock with a new $35 price target. The analyst went on to say that Chinese demand for 10G and 100G Optical modules looks like it could stay strong for multiple years, not just multiple quarters. Looks like there may be more upside for Finisar for some time to come.
Paying the Toll. Homebuilder, Toll Brothers (TOL) is down 4% along with the broader market due to higher interest rates and a fear of a Fed rate hike later this month. The homebuilder index is down over 4% its worst day in a year while the major indexes are experiencing their worst day in two months. Its about time we had a pullback.