Acacia Shares Rally On Boosted Quarterly Outlook

Acacia Communications Inc. shares rallied in the extended session Tuesday after the optical-networking products company forecast higher earnings than it had originally estimated. Acacia shares surged 8% to $110.18 after hours. The company said it expects adjusted third-quarter earnings of 83 cents to 90 cents a share, following an original forecast of 64 cents to 76 cents a share. Analysts surveyed by FactSet had estimated 74 cents a share. Separately, Acacia said it plans a follow-on offering of 4.5 million shares, 1.2 million of which will be sold by the company. Shares of Acacia made their public market debut in May. Optical-networking stocks have been a tear since last quarter.