Movement Alert｜Credo Technology Rises 5.25% in Pre-Market Trading, Technical Rebound After Optical Communication Sector Sell-Off

Market Focus07-14 19:40

On July 14, Credo Technology rose 5.25% in pre-market trading, trading at $248.01/share, with turnover of approximately $7.03 million. The rebound follows the previous trading session's sharp 8.11% decline as the broader optical communication sector experienced significant profit-taking.

On July 13, optical communication stocks sold off broadly, with Corning and Astera Labs falling over 6%, while Credo dropped more than 8%. The sector had previously rallied strongly on AI data center high-speed interconnect demand. On July 14, the semiconductor sector turned broadly higher, with Micron Technology up 3.31%, Intel up 3.15%, AMD up 3.11%, and Broadcom up 2.23%, driving oversold optical communication names toward recovery. Peers including POET Technologies, Corning, Lumentum, and Coherent also gained over 2% in pre-market trading.

Additionally, Evercore ISI previously initiated coverage with an Outperform rating and a $325 price target, implying meaningful upside from current levels and providing further support to pre-market sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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