Lumentum Holdings Inc. shares dropped toward their lowest closing price since 2019 on Thursday amid concerns that inventory backups that have plagued different sectors of tech have spread to the telecommunications industry.
Lumentum LITE shares dropped nearly 12% to an intraday low of $45.33 Thursday, a day after the company said it would miss revenue projections because of a large order cancellation. That was the lowest intraday price since June of 2019, according to FactSet records, and Lumentum was headed for its first…
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