From Alphastreet - Earnings Decoded. Market Intelligence Delivered · AlphaStreet Newsdesk · · 50s
Lumentum Shares Drop 9.6% in Sector Sell-Off
Lumentum Holdings falls 9.6% as communication equipment stocks tumble amid sector-wide selling.
In brief
Lumentum Holdings falls 9.6% as communication equipment stocks tumble amid sector-wide selling. Lumentum Holdings shares dropped 9.6% Thursday as communication equipment stocks fell due to sector-wide selling pressure. Originally reported by Alphastreet - Earnings Decoded. Market Intelligence Delivered.
Lumentum Holdings Shares Drop
Lumentum Holdings sank 9.6% on Thursday as a broad sell-off hammered communication equipment stocks.
Sector Peers Post Steep Declines
VIAV plunged 14.0%, CIEN dropped 10.4%, ANET fell 7.0%, VSAT declined 5.5%, and UI dropped 3.0%.
Market Cap and Trading Activity
Lumentum's $69.1 billion market cap closed at $769.10 on volume of 1.7 million shares.
Analyst Sentiment Remains Constructive
Lumentum received one target raise and zero cuts over the past seven days, suggesting Wall Street's view hasn't deteriorated.
The key point
Lumentum Holdings shares dropped 9.6% Thursday as communication equipment stocks fell due to sector-wide selling pressure.
