Lumentum Holdings Inc (LITE)

Lumentum (LITE) stock drops 8.82% after rival Coherent's weak Q4 report, fueling concerns of similar challenges. Coherent's projected 58% earnings decline and 11% sales dip signal industry pressures. Macro headwinds and customer cautiousness affect both companies.

https://www.fool.com/investing/2023/08/16/why-lumentum-stock-is-sinking-today/

Shares dropped 9.7% after the company withdrew its Q3 revenue guidance due to a network equipment manager no longer taking shipments they had previously projected, causing two firms to downgrade their ratings.

https://www.barrons.com/articles/lumentum-stock-price-earnings-sales-downgrade-28b3ee86