Oplink Communications (OPLK) is worth keeping a close eye on right now as it has been crushed on sector concerns, notably Finisar’s earnings warning. Oplink closed Thursday at $21.51 down 27% from the recent high.

PEG of 0.44
$168M in cash and equivalents is 40% of their $428M market cap, with no debt.

Q4 2008 Earnings
Earnings Preview
Oplink Communications, Inc. (OPLK)  financial results fourth quarter ended June 30, 2008
Five analysts are predicting eps between $0.09 and $0.11, consensus of $0.10.
For those focused on eps this figure will compare poorly to last years $0.23.
Fast forward -> Results are now in and they’re great.
Good results, turnaround occurring, great upside potential in this well managed cash rich company.
The two main reasons I find oplk attractive are they make money and they mange that money well. Add in growth, OCP turnaround potential with proven management at …