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II-VI stock bounces after Apple more than doubles awards from manufacturing fund

Shares of II-VI Inc.
IIVI,
-3.68%

bounced 4.6% in premarket trading Wednesday, putting it on track to snap a seven-session losing streak, after Apple Inc.
AAPL,
-3.54%

said it awarded the optical technology company an additional $410 million from its Advanced Manufacturing Fund. That more than doubles the total award to II-VI, after an initial $390 million award in 2017. Apple said the investment will help create additional capacity and accelerate delivery of future components for its iPhones. II-VI’s stock, which had tumbled 17.0% over the past seven days, has lost 15.0% year to date, while Apple shares have slipped 3.7% and the S&P 500
SPX,
-0.67%

has gained 10.9%.

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