Oclaro Higher Off Mention As Potential M&A Target

Oclaro, Inc. OCLR shares are trading higher by $0.67 (9 percent) at $8.77 in Wednesday's session.

The company was mentioned in a potential M&A scenario while a Jefferies analyst was discussing an upgrade of Finisar FNSR. Analyst James Kisner reiterated his Buy rating on the stock, citing secular growth drivers as the catalyst.

Oclaro's stock, which has been lower in six of its last seven sessions (with the one outlier being a paltry $0.07 gain on March 9) has fallen from March 6 close ($9.46) to as low as $8.02 on Tuesday.

After a higher open, it retreated $0.13 to $8.27 before resuming its move higher. So far, the ensuing rally has taken the issue to $8.78 and isn't far off that high. If the rally continues, the next identifiable resistance comes in at its March 10 high ($9.00).