Finisar soars after Apple awards $390 million order (FNSR, AAPL)

Seth Archer

Updated Wed, Dec 13, 2017, 5:11 PM

Markest Insider

Finisar, the maker of specialty chips for the Apple iPhone X and AirPods, is trading up 26.84% at $24.43 a share after Apple awarded the company a $390 million order*.
Finisar is hoping to reopen a manufacturing plant in Texas with the help of Apple's investment. The plant is expected to create 500 jobs in the area.
The new plant will produce laser sensors that enable technology like FaceID, ARKit and the proximity features of the AirPods.
The investment is part of a larger $1 billion plan from Apple, which falso included an investment in glass maker Corning.
Finisar shares are down 16.63% this year, including Wednesday's gains.

*This post was corrected to say Apple awarded the company a $390 million order. Previously it said Apple made a $390 million investment in Finisar. The headline has been changed to reflect the correction.

Read more about the deal here.

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Finisar soars after Apple awards $390 million order (FNSR, AAPL)

Read more about the deal here.

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