Infinera Corporation (NASDAQ: INFN)
Infinera Corporation (INFN), a global optical transport networking equipment, software, and services company yesterday reported their second quarter 2016 financial results. Infinera reported second quarter earnings of $0.21 per share. Infinera reported second quarter revenues of $258.8 million.
Infinera Corporation CEO’s Comments
“While I am very pleased with our second quarter and year to date financial results, demand is softening in certain areas of our business and we face a difficult near-term revenue outlook,” said Tom Fallon, Infinera’s Chief Executive Officer. “Despite the current challenges, I am confident that by continuing to deliver the differentiated technologies and superior service that our customers have come to expect, we will earn significant market share over time across all of the markets that we serve.” Market Wired
INFN Technical Analysis
INFN opened trading yesterday at $12.80 which was up from the previous days trading of $12.72. INFN closed trading yesterday at $12.51 and crashed down after market to $8.90, equivalent to a 29% decrease from the closing price. Taking a look at the daily chart we can see the last time INFN traded below these levels was on July 28th, 2014 when it traded at $8.88. Taking a closer look at the daily chart we can see that INFN has been on a downward trend dating back to December 4th when it traded at $22.52. INFN has a float of 139.12 million shares and traded 1.59 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see INFN open trading on Thursday below $10.10 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company offers Infinera DTN-X family of platforms for subsea, long-haul, regional, and metro mesh networks; Infinera DTN platform for subsea, long-haul, and regional mesh networks that support a range of Ethernet and optical transport network client interfaces; and Infinera FlexILS Line System platform that connects various Infinera platforms over long distance fiber optic cable. It also provides Infinera TM-Series, a carrier-grade packet-optical transport platform; Infinera TS-Series, a passive optical wavelength-division multiplexing (WDM) product; Infinera Cloud Xpress Platform, a compact platform for cloud/data center interconnect applications; and Infinera ATN Platform, a small form-factor WDM platform. In addition, the company offers Infinera Open Transport Switch, a software platform that enables abstraction and virtualization of the underlying Infinera platforms; and Infinera Management Suite, a network management system used by network operators to manage various Infinera platforms. Further, it provides various support services for vraious hardware and software products. The company serves communications service providers, Internet content providers, cable providers, wholesale and enterprise carriers, research and education institutions, and government entities. It markets and sells its products and related support services primarily through its direct sales force. The company was formerly known as Zepton Networks. Infinera Corporation was founded in 2000 and is headquartered in Sunnyvale, California. Yahoo Finance