Applied Optoelectronics Nears Lows For Move And Rebounds

Applied Optoelectronics Inc AAOI shares are trading higher by $2.00 (4 percent) at $58.99 in Friday's session.

The fiber-optic company peaked in July at $103.41 and was nearly cut in half when it bottomed on Sept. 5 at $55.13. The bulk of the decline came on Aug. 4 (falling from $97.99 to $64.60), following a Q2 earnings beat but weak Q3 sales guidance.

Since putting in the low for move, AAOI has revisited the $56.00 area on several occasions and rebounded. That's the case in today's session as well. After a slightly lower open, it breached Thursday's low ($56.75), by only by 20 cents, bottoming at $56.55 and reversed course.

The ensuing rally took the stock to $59.43, but drifted back to the $59.00 area. That high is just above Thursday's high of $59.24.