Acacia leads optical stocks higher after U.S. confirms deal with ZTE [MarketWatch]
ACACIA COMMUNICATIONS (ACIA)
Last acacia communications earnings: 2/18 04:01 pm
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Source: MarketWatch
Acacia leads optical stocks higher after U.S. confirms deal with ZTE Shares of Acacia Communications Inc. ACIA, +0.94% are up 5.1% in premarket trading after Commerce Secretary Wilbur Ross confirmed on CNBC that the U.S. has reached a deal with China's ZTE. The U.S. had previously banned American companies from selling technology to ZTE for seven years, after ZTE failed to adequately punish employees for violating prior Iran sanctions. Acacia, which generated 30% of its revenue from ZTE last year, saw its stock fall sharply after the U.S. announced that ban back in April, but its shares have rallied in recent weeks on the expectation that the ban would be lifted. Shares of Lumentum Holdings Inc. LITE, +1.22% and Finisar Corp. FNSR, +0.46% are up as well in premarket trading. Shares of Acacia were down 28% over the past 12 months, as of Wednesday's close, while the S&P 500 SPX, +0.17% had gained 14%.
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