Ahead of the Bell: Avanex shares rise

By Associated Press April 18, 2008 Comments (0)

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Shares of fiber optics company Avanex rose in premarket trading after a Merriman Curhan Ford analyst started coverage with a "Buy" rating, pointing to good trends in the optical products market.

Tim Savageaux said conditions in the optical industry are improving and the company is introducing promising new products, which will help Avanex shares recover.

The stock dropped in December after Avanex Corp. lowered its quarterly sales forecast because a French subsidiary ended a distribution agreement.

In premarket trading, shares of the Fremont, Calif., company rose 7 cents, or 10 percent, to 77 cents per share. The stock closed at 70 cents per share on Thursday, and has traded between 52 cents and $2.10 per share in the last year.

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DocumentId: 624581, ~/articles/articlehandler.aspx, 7/24/2008 3:22:40 PM,

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