Finisar soars after Apple awards $390 million order (FNSR, AAPL)

finisar stock price

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 awarded the company a $390 million order*.

• 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.

*This post was corrected to say Apple awarded the company a $390 million order. Previously it said Apple made a $390 million investment in Finisar. The headline has been changed to reflect the correction. 

Read more about the deal here.

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SEE ALSO: Apple is investing $390 million into a company that makes chips for the iPhone X and AirPods