5 Stocks Besting Wall Street With Easy Double-Digit Gains

2. POET Technologies Inc. (NASDAQ:POET)

POET Technologies climbed to a decade high on Wednesday, as investors cheered news that it received orders from Marvell Technologies, and is awaiting for the responses from two other technology firms it has been courting to supply its products.

In intra-day trading, the stock surged to a record high of $12.95 before trimming gains to finish the session just up by 24.59 percent at $12.77 apiece.

According to a report by Stocktwits, POET Technologies Inc. (NASDAQ:POET) chief finance officer Thomas Mika confirmed that the company has officially secured orders from Marvell, which is expected to boost its orders for the year to more than $5 million.

Deliveries are targeted to begin in the third quarter of the year.

“We’ve got a purchase order from them that we’re gonna ship against and we intend to continue that relationship and build it over time,” Mika was quoted as saying. It did not divulge the total value of the order.

Meanwhile, POET Technologies Inc. (NASDAQ:POET) said that it is likewise waiting for the responses from Foxconn and Luxshare for a potential supply deal.

“When you’re dealing with large companies that have committed to designing modules using your components, sometimes you hear from them, and sometimes you don’t,” Mika said. “We expect to hear back from at least one of those.”