SHARE PRICE ROCKETS FOR CHATSWORTH FIRM.Byline: Deborah Adamson Daily News Staff Writer The shares of MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. rallied as much as 36 percent Wednesday after getting some attention from an East Coast financial newsletter and a cable business show. The Chatsworth-based maker of fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber and network switching products saw its stock price jump from 40-3/4 on Tuesday to as high as 55-1/4 Wednesday before closing at 50-3/4. Volume was unusually heavy at 1.7 million, up from a recent average of 196,000. ``I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. what . . . prompted it. We are just looking after our regular business,'' said the chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Zeev Rav-noy. ``This was totally out of the blue. . . . It was definitely surprising. ``We are a technology company with a nice track record and stability of growth. Maybe that is it.'' Buy orders started piling up after the Cabot Market Letter, published bimonthly bi·month·ly adj. 1. Happening every two months. 2. Happening twice a month; semimonthly. adv. 1. Once every two months. 2. Twice a month; semimonthly. n. pl. in Salem, Mass., told subscribers on its hot line at 5 p.m. Tuesday that it was adding MRV MRV minute respiratory volume. to its roster of fast-growing companies. Before the market opened Wednesday morning, CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. told viewers about Cabot's move. ``We like the stock because it's a strong performer technically and because we see prospects for tremendous growth in the years ahead,'' said Timothy Lutts, co-editor of Cabot. ``They are currently growing earnings at triple-digit rates, which we love.'' In April, MRV reported first-quarter earnings of $1.9 million, a 167 percent increase from the year before. Earnings per share rose 125 percent to 18 cents, reflecting a 3-for-2 stock split in March. Revenues rose 130 percent to $15.5 million. But Lutts wished CNBC did not share Cabot's stock pick with viewers. ``We're not thrilled with it,'' he said. ``Our subscribers don't win because it was broadcast before the market opened. The buy orders piled up and the stock opened much higher than it closed Tuesday).'' MRV opened at 53-1/4 on Wednesday. Faced with increased pressure to perform, Rav-noy said the company will try its best to live up to expectations. ``One thing we can promise you is that we are praying very hard and working very hard not to let (investors) down,'' he said. CAPTION(S): Chart Chart: (Color) MRV COMMUNICATIONS Daily News |
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