Lumentum Holdings experienced a significant 24-hour plunge of 5.03% during the overnight session, as the stock continued its pattern of volatile price action.
The sharp decline comes as traders balance index-inclusion buying momentum against profit-taking at elevated levels ahead of the company's official addition to the Nasdaq-100 Index. Lumentum's stock has been swinging between gains and losses since the announcement of its Nasdaq-100 inclusion, reflecting market uncertainty and position adjustments by investors.
The optical technology company, which also joined the S&P 500 in March making it a dual-index constituent, recently reported strong fiscal third-quarter results with revenue surging 90.1% year-over-year to $808 million, driven by AI optical interconnect demand and its deepening partnership with NVIDIA on 3.2T optical modules.
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