Finisar soars after Apple announces $390 million investment

source
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 announced a $390 million investment in the company.
  • 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.

Read more about the deal here.