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Actionable news in OCLR: Oclaro, Inc.,

Oclaro shares surge 12% amid strong Q1 earnings and promising Q2

Shares of Oclaro climbed as much as 15 percent Wednesday after the company reported a fiscal first-quarter earnings blowout, driven primarily by high demand for the firm's products.

The stock later pared its gains, ending the day 4 percent higher.

The optical communications company posted first quarter earnings of 14 cents a share on revenue of $136 million, surpassing analysts' expectations for 10 cents a share on sales of $132 million, according to a Thomson Reuters consensus estimate.

The San Jose, California-based company also...