Intrinsic value of Infinera - INFN

Previous Close

$8.97

  Intrinsic Value

$0.64

stock screener

  Rating & Target

str. sell

-93%

Previous close

$8.97

 
Intrinsic value

$0.64

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of INFN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  756
  773
  793
  815
  840
  867
  897
  929
  963
  1,000
  1,040
  1,082
  1,127
  1,175
  1,225
  1,279
  1,336
  1,396
  1,459
  1,526
  1,597
  1,672
  1,750
  1,833
  1,921
  2,012
  2,109
  2,211
  2,318
  2,431
Variable operating expenses, $m
  778
  795
  815
  837
  861
  888
  918
  949
  983
  1,020
  1,030
  1,072
  1,117
  1,164
  1,214
  1,268
  1,324
  1,383
  1,446
  1,513
  1,583
  1,657
  1,735
  1,817
  1,904
  1,995
  2,091
  2,191
  2,298
  2,409
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  778
  795
  815
  837
  861
  888
  918
  949
  983
  1,020
  1,030
  1,072
  1,117
  1,164
  1,214
  1,268
  1,324
  1,383
  1,446
  1,513
  1,583
  1,657
  1,735
  1,817
  1,904
  1,995
  2,091
  2,191
  2,298
  2,409
Operating income, $m
  -22
  -22
  -22
  -22
  -21
  -21
  -21
  -21
  -20
  -20
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
EBITDA, $m
  49
  50
  52
  53
  55
  57
  58
  61
  63
  65
  68
  71
  73
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
Interest expense (income), $m
  3
  15
  16
  17
  18
  19
  21
  22
  24
  26
  28
  31
  33
  36
  38
  41
  45
  48
  51
  55
  59
  63
  67
  72
  77
  82
  87
  93
  99
  105
  112
Earnings before tax, $m
  -37
  -37
  -38
  -39
  -41
  -42
  -43
  -45
  -46
  -48
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -37
  -37
  -38
  -39
  -41
  -42
  -43
  -45
  -46
  -48
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,140
  1,166
  1,196
  1,230
  1,267
  1,308
  1,353
  1,401
  1,453
  1,509
  1,568
  1,632
  1,700
  1,772
  1,848
  1,929
  2,015
  2,105
  2,201
  2,302
  2,409
  2,522
  2,640
  2,765
  2,897
  3,035
  3,181
  3,335
  3,496
  3,666
Adjusted assets (=assets-cash), $m
  1,140
  1,166
  1,196
  1,230
  1,267
  1,308
  1,353
  1,401
  1,453
  1,509
  1,568
  1,632
  1,700
  1,772
  1,848
  1,929
  2,015
  2,105
  2,201
  2,302
  2,409
  2,522
  2,640
  2,765
  2,897
  3,035
  3,181
  3,335
  3,496
  3,666
Revenue / Adjusted assets
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
Average production assets, $m
  426
  435
  447
  459
  473
  488
  505
  523
  542
  563
  585
  609
  634
  661
  690
  720
  752
  786
  822
  859
  899
  941
  985
  1,032
  1,081
  1,133
  1,187
  1,245
  1,305
  1,368
Working capital, $m
  159
  163
  167
  172
  177
  183
  189
  196
  203
  211
  219
  228
  238
  248
  259
  270
  282
  295
  308
  322
  337
  353
  369
  387
  405
  425
  445
  467
  489
  513
Total debt, $m
  154
  165
  177
  190
  205
  222
  240
  260
  281
  303
  327
  353
  381
  410
  441
  473
  508
  545
  584
  625
  668
  713
  762
  812
  865
  922
  981
  1,043
  1,108
  1,177
Total liabilities, $m
  462
  472
  484
  498
  513
  530
  548
  567
  588
  611
  635
  661
  688
  717
  748
  781
  816
  853
  891
  932
  976
  1,021
  1,069
  1,120
  1,173
  1,229
  1,288
  1,351
  1,416
  1,485
Total equity, $m
  678
  694
  712
  732
  754
  778
  805
  833
  864
  898
  933
  971
  1,011
  1,054
  1,100
  1,148
  1,199
  1,253
  1,310
  1,370
  1,433
  1,500
  1,571
  1,645
  1,724
  1,806
  1,893
  1,984
  2,080
  2,181
Total liabilities and equity, $m
  1,140
  1,166
  1,196
  1,230
  1,267
  1,308
  1,353
  1,400
  1,452
  1,509
  1,568
  1,632
  1,699
  1,771
  1,848
  1,929
  2,015
  2,106
  2,201
  2,302
  2,409
  2,521
  2,640
  2,765
  2,897
  3,035
  3,181
  3,335
  3,496
  3,666
Debt-to-equity ratio
  0.230
  0.240
  0.250
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.440
  0.450
  0.460
  0.470
  0.480
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595
  0.595

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -37
  -37
  -38
  -39
  -41
  -42
  -43
  -45
  -46
  -48
  -21
  -23
  -26
  -28
  -31
  -33
  -36
  -39
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90
Depreciation, amort., depletion, $m
  71
  72
  73
  75
  76
  78
  79
  81
  83
  85
  59
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
  131
  137
Funds from operations, $m
  35
  35
  35
  35
  36
  36
  36
  36
  37
  37
  37
  37
  38
  38
  38
  39
  39
  40
  40
  41
  41
  41
  42
  43
  43
  44
  44
  45
  46
  46
Change in working capital, $m
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Cash from operations, $m
  31
  31
  31
  31
  30
  30
  30
  30
  29
  29
  29
  29
  28
  28
  28
  28
  27
  27
  27
  26
  26
  26
  25
  25
  25
  24
  24
  24
  23
  23
Maintenance CAPEX, $m
  -42
  -43
  -44
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -124
  -131
New CAPEX, $m
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -51
  -53
  -55
  -58
  -60
  -62
  -66
  -68
  -71
  -75
  -78
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -146
  -152
  -160
  -167
  -176
  -184
  -194
Free cash flow, $m
  -19
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -94
  -100
  -106
  -113
  -120
  -128
  -136
  -144
  -152
  -162
  -171
Issuance/(repayment) of debt, $m
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
Issuance/(repurchase) of shares, $m
  50
  53
  56
  59
  63
  66
  70
  74
  77
  81
  57
  61
  66
  71
  76
  81
  87
  93
  99
  106
  112
  120
  127
  135
  143
  152
  161
  171
  181
  191
Cash from financing (excl. dividends), $m  
  59
  64
  68
  73
  78
  83
  88
  94
  98
  104
  81
  87
  93
  100
  107
  114
  122
  130
  138
  147
  155
  166
  175
  186
  196
  208
  220
  233
  246
  260
Total cash flow (excl. dividends), $m
  40
  43
  45
  46
  48
  50
  52
  54
  56
  58
  31
  33
  36
  38
  40
  42
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  76
  80
  85
  89
Retained Cash Flow (-), $m
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -81
  -57
  -61
  -66
  -71
  -76
  -81
  -87
  -93
  -99
  -106
  -112
  -120
  -127
  -135
  -143
  -152
  -161
  -171
  -181
  -191
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  46
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  83
  87
  90
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
Cash available for distribution, $m
  -10
  -11
  -12
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -53
  -56
  -61
  -65
  -70
  -74
  -79
  -85
  -90
  -96
  -102
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -12
  -12
  -12
  -12
  -12
  -11
  -11
  -10
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  96.4
  92.7
  89.1
  85.5
  82.0
  78.6
  75.2
  71.9
  68.7
  65.6
  63.6
  61.6
  59.5
  57.5
  55.5
  53.5
  51.6
  49.6
  47.7
  45.9
  44.1
  42.3
  40.6
  38.9
  37.3
  35.7
  34.2
  32.7
  31.3
  29.9

Infinera Corporation provides optical transport networking equipment, software and services to telecommunications service providers, Internet content providers (ICPs), cable providers, wholesale and enterprise carriers, research and education institutions, enterprise customers and government entities across the globe. The Company's portfolio consists of the Infinera DTN-X Family, the Infinera DTN platform, the Infinera Cloud Xpress Family, the Infinera XTM Series, the Infinera XTG Series and the Infinera FlexILS platform, addressing long-haul, subsea and metro networks end-to-end. Its technology includes Infinera Intelligent Transport Network Architecture, Infinera Photonic Integrated Circuits, Infinera FlexCoherent Processor, Super-Channels, Sliceable Photonics, Disaggregation, Integrated Digital Switching, Infinera Instant Bandwidth, Infinera Packet-Optical Transport, Multi-layer Switching and Optimization, and Management, Control and Security.

FINANCIAL RATIOS  of  Infinera (INFN)

Valuation Ratios
P/E Ratio -54.2
Price to Sales 1.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 34.2
Price to Free Cash Flow -260.2
Growth Rates
Sales Growth Rate -1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.4%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17.6%
Total Debt to Equity 17.6%
Interest Coverage -9
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -3.1%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.3%
Gross Margin - 3 Yr. Avg. 44.6%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 7%
Operating Margin -3%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -3.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 17.2%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
Payout Ratio 0%

INFN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INFN stock intrinsic value calculation we used $741 million for the last fiscal year's total revenue generated by Infinera. The default revenue input number comes from 2017 income statement of Infinera. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INFN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for INFN is calculated based on our internal credit rating of Infinera, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Infinera.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INFN stock the variable cost ratio is equal to 103%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INFN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.1% for Infinera.

Corporate tax rate of 27% is the nominal tax rate for Infinera. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INFN stock is equal to 6.2%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INFN are equal to 56.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Infinera operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INFN is equal to 21.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $665 million for Infinera - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 148 million for Infinera is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Infinera at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Better Buy: Infinera Corporation vs. Skyworks Solutions   [Jul-08-18 11:30AM  Motley Fool]
▶ Is Infinera Corporation a Buy?   [May-22-18 08:07AM  Motley Fool]
▶ Infinera Stock Rebounds After Earnings Sell-Off   [May-11-18 03:43PM  Motley Fool]
▶ Infinera Stock Plunges On Pricing Pressure Worries, Ciena Falls Too   [May-10-18 04:50PM  Investor's Business Daily]
▶ Why Infinera Is Tumbling Today   [12:04PM  Motley Fool]
▶ Infinera: 1Q Earnings Snapshot   [May-09-18 04:46PM  Associated Press]
▶ Why Infinera Corporation Stock Popped 53.8% in February   [Mar-13-18 10:00AM  Motley Fool]
▶ RETN Deploys Infinera XT-3300 for International Network   [Mar-07-18 08:00AM  GlobeNewswire]
▶ Ciena earnings beat boosts shares of Finisar, Infinera   [Mar-06-18 12:13PM  MarketWatch]
▶ Infinera to Host Investor Briefing at OFC 2018   [Mar-05-18 04:30PM  GlobeNewswire]
▶ Infinera Projects Optimism After Posting Solid Results   [Feb-09-18 08:45AM  Motley Fool]
▶ Silicon Valley stocks hammered again as Dow plunges 1,000 points   [Feb-08-18 05:34PM  American City Business Journals]
▶ Here's Why Infinera Is Flying High Today   [04:03PM  Motley Fool]
▶ Why Infinera Is Soaring Despite a Loss   [10:15AM  24/7 Wall St.]
▶ Infinera reports 4Q loss   [Feb-07-18 05:41PM  Associated Press]
▶ Infinera Earnings Preview   [01:18PM  Benzinga]
▶ Why Infinera Corp. Stock Is Soaring Today   [Feb-06-18 04:22PM  Motley Fool]
▶ Better Buy: Infinera vs. Skyworks   [Jan-14-18 02:47PM  Motley Fool]
▶ SunPower shares jump 11% to lead Silicon Valley stocks   [Jan-11-18 05:17PM  American City Business Journals]
▶ Here's Why Optical Networking Stocks Fell in December   [Jan-02-18 06:00PM  Motley Fool]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 29   [Dec-31-17 09:52AM  GuruFocus.com]
▶ ETFs with exposure to Infinera Corp. : December 28, 2017   [Dec-28-17 12:15PM  Capital Cube]
▶ Why 2017 Was a Year to Forget for Infinera Corporation   [Dec-24-17 12:00PM  Motley Fool]
▶ ETFs with exposure to Infinera Corp. : December 13, 2017   [Dec-13-17 01:32PM  Capital Cube]
▶ Why Infinera Corp. Stock Fell 13.5% in November   [Dec-12-17 02:16PM  Motley Fool]
▶ Is Infinera Corporation a Buy?   [Nov-24-17 08:37AM  Motley Fool]
▶ Better Buy: Infinera Corp. vs. Oclaro Inc.   [Nov-16-17 09:37PM  Motley Fool]
▶ ETFs with exposure to Infinera Corp. : November 14, 2017   [Nov-14-17 02:28PM  Capital Cube]
▶ Why Infinera Is Tanking Today   [01:03PM  Motley Fool]
▶ Infinera reports 3Q loss   [Nov-08-17 04:23PM  Associated Press]
▶ Infinera to Participate in MKM Investor Conference   [Nov-07-17 04:30PM  GlobeNewswire]
▶ Infinera to Participate in Needham Investor Conference   [Nov-06-17 04:30PM  GlobeNewswire]
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