LITE - Why Lumentum Stock Is Sinking Today
2023-08-16 12:59:48 ET
Shares of Lumentum (NASDAQ: LITE) are losing ground in Wednesday's daily trading session following recently published fiscal fourth-quarter reports from its rival Coherent (NYSE: COHR) . The company's share price was down 12% as of 12:15 p.m. ET, according to data from S&P Global Market Intelligence . Meanwhile, Coherent stock was down 34.1%.
Lumentum stock is falling due to disappointing targets issued by Coherent -- a fellow player in the laser technologies space. Coherent's fourth-quarter report arrived with guidance for significant sales and earnings declines this year, and investors are worried that Lumentum will face similar headwinds.
Coherent published results for the fourth quarter of its recently concluded fiscal year, which ended June 30, before the market opened up this morning. Lumentum shareholders were clearly paying attention.
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Why Lumentum Stock Is Sinking Today