Infinera Lockup Swoon
1:50 PM -- Shares of Infinera Corp. (Nasdaq: INFN) have been down more than 10 percent today, but have no fear -- it's not because the company announced any drastic, earth-shattering, or value-destroying news.
No, shares were down because the company's employees and investors are finally able to cash in on the stock, with the expiration of a share lockup today.
According to a research note published in November by Jefferies & Company Inc. analyst George Notter, Infinera has 90.4 million shares outstanding, of which 64.3 million fell under various lockup agreements. That number includes 54.7 million shares that become tradeable today.
So while a one-day 10 percent swoon is nothing to sneeze at, the fact that the stock didn't fall even further should account for something. That says to me that there are still a number of true believers in the company, who only expect the shares to rise.
— Ryan Lawler, Reporter, Light Reading