Finisar soars after Apple announces $390 million investment
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- 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.
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