Oplink +8.4% on strategic review, dividend/buyback news, guidance

Oplink (NASDAQ:OPLK) has hired Cowen to "seek strategic alternatives" for its Oplink Connected automation/monitoring products business, including a potential sale.

The company is also initiating a $0.05/share quarterly dividend (1.1% current yield), adding $40M to its buyback authorization (raising its total authorization to $70M), and beginning a search for two new directors.

Oplink expects to report FQ4 (June quarter) revenue of $51.5M, above a 2-analyst consensus of $50.5M. FQ1 revenue is expected to be in a range of $53M-$57M, above a $52M consensus.

Full FQ4 results are due on Aug. 7.

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