US Stocks Move: Optical Communication Sector Falls Broadly, Marvell Technology (MRVL.US) Drops Over 20% in Two Days

Stock News10-30 22:40

On Friday, US optical communication stocks fell broadly, with Marvell Technology (MRVL.US) dropping 7% and accumulating a decline of more than 20% over two days; Lumentum (LITE.US) and Coherent (COHR.US) fell more than 11%, while Corning (GLW.US) declined nearly 4%.

On the news front, Intel released its third-quarter earnings report, with fourth-quarter guidance falling short of expectations, sending its stock sharply lower, at one point dropping more than 30% intraday, wiping out over $137 billion in market value, and on track to post its largest single-day decline on record by tomorrow's close. The company also warned that weakness in the personal computer market and rising memory prices could persist into the first half of 2027. The stock decline also affected other semiconductor companies. Shares of AMD, Arm, Nvidia, Broadcom, Qualcomm, and Micron also fell to varying degrees, reflecting investor concerns about PC demand, memory costs, and the short-term growth outlook for the semiconductor industry.

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