Shares of Oclaro Inc. (OCLR) rose 10.2 percent to $16.47, the highest intraday PPS since October 2007, after the company had its share price estimate increased to $25 from $17 at Miller Tabak & Co.
The manufacturer of optical products for use in fiber optics communications networks and aerospace also recently announced expansion in optical design and packaging expertise and that it opened a new design center in Oro Valley, (near Tuscan) Arizona. This new design center, which will initially employ approximately 30 people, provides diode laser packaging designs and leverages the workforce that joined Oclaro as a result of the co.’s acquisition of the Newport Spectra Physics laser diode business in July 2009.
Oclaro, formerly known as Bookham, Inc., was founded in 1988 and is headquartered in San Jose, California.
Shares of Oclaro rose $1.40, or 9.45%, at last check to $16.21.