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What's happening?
Shares of Infinera (NASDAQ:INFN) shot nearly 26% higher today -- a gain surpassed by only four other trading days in the stock's seven-year history -- after the telecom supplier topped expectations with an excellent third-quarter earnings report, and strong fourth-quarter guidance, after yesterday's closing bell.

Why it's happening
Infinera's third-quarter revenue came in at $173.6 million, which resulted in earnings of $0.11 per share. Wall Street analysts had expected $170.9 million in revenue and $0.07 in adjusted EPS. CEO Tom Fallon highlighted the company's "significant revenue growth while expanding ... gross margin and profit levels." He said he believes Infinera "has never been better positioned, as we continue to deliver what we believe are the right products at the right time"

In its earnings call, Infinera management upgraded its fourth-quarter guidance, which now calls for$175 million to $185 million in revenue and $0.09 to $0.13 in EPS. Both projections are far ahead of Wall Street's forecast for just $161.7 million in revenue and $0.05 in EPS. Following the earnings call, analysts at William Blair and Jefferies issued very positive notes on Infinera's expectations for the future.