On May 11, Lumentum Holdings Inc. (LITE) rose 4.87% in pre-market trading, trading at $944.0/share, with trading volume of $5.84 million.
The pre-market gain appears driven by the announcement that Lumentum will be added to the Nasdaq 100 Index on May 18, replacing CoStar Group. Index inclusion typically triggers passive buying from index-tracking funds and ETFs, boosting demand for the stock.
The index addition caps a remarkable stretch for Lumentum, which was already included in the S&P 500 in March. The company recently reported record fiscal Q3 results, with revenue surging 90.1% year-over-year to $8.084 billion, beating the consensus estimate of $8.043 billion. Adjusted earnings per share came in at $2.37, also above the expected $2.29. Perhaps most notably, Lumentum issued Q4 revenue guidance of $9.6 billion to $10.1 billion, significantly exceeding the market average estimate of $9.083 billion, with management noting that orders are booked through 2028, underscoring sustained demand from cloud hyperscalers investing heavily in AI infrastructure.
(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.)
