On September 10, Lumentum fell 3.52% in regular trading, trading at 977.73 USD/share, with turnover of approximately 605 million USD. The decline came as all three major U.S. indices dropped for a third consecutive session, with rising oil prices and climbing Treasury yields suppressing overall risk appetite, weighing broadly on the communication equipment sector.

The pullback followed a sharp two-day rally earlier in the week, during which Lumentum surged over 11% on September 8 and gained an additional 3% on September 9. Those gains were fueled by multiple bullish catalysts, including Goldman Sachs significantly raising its global optical module shipment forecast on the back of AI computing architecture upgrades driving demand for 1.6T and 3.2T high-speed optical modules. Additionally, Deutsche Bank initiated coverage with a Buy rating and a 1,200 USD target price, while Evercore ISI launched coverage with an Outperform rating and a 1,100 USD target. After accumulating substantial short-term gains, the stock faced profit-taking pressure. Peers also declined, with Nokia down 1.21%, Arista Networks down 0.92%, and Applied Optoelectronics down 1.12%.

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