The Ratings Game: Lumentum stock heads for lowest price since 2019 as component glut seems to spread to telecom sector

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…

This post was originally published on Market Watch

Share:

Latest News

Daily News on Investing, Personal Finance, Markets, and more!

Financial News

Financial News

Policy(Required)

Financial News

Daily News on Investing, Personal Finance, Markets, and more!

Financial News

Policy(Required)