Applied Optoelectronics Zooms 13% Higher on Pivotal Quarterly Print; Coherent Advances 13%, Lumentum Adds 8% Quick Read – Applied Optoelectronics and Coherent each surged 13% after Applied Optoelectronics nearly doubled its Q2 revenue to $192M, swinging from an $8.8M earnings…
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Optics and photonics stocks are shooting higher in Friday trading, led by Applied Optoelectronics (NASDAQ:AAOI) stock, which is up 13% to $140.72 following the company’s latest quarterly report. Coherent (NYSE:COHR) stock is also up 13% to $379.26, while Lumentum (NASDAQ:LITE) stock is gaining 8% to $908.11 as investors extend the rally across the optical communications industry. The broader market is providing a favorable backdrop, with the NASDAQ 100 up 0.94% and the iShares Semiconductor ETF (NASDAQ:SOXX) up 2% to $543.89.
A weaker-than-expected July jobs report has reduced expectations for another Federal Reserve interest-rate hike in September, giving growth-oriented technology stocks another reason for investors to remain constructive. Applied Optoelectronics Gets A Fresh Catalyst Applied Optoelectronics stock is getting the strongest company-specific boost of the group after the optical networking specialist reported its second-quarter results. The quarterly print appears to have reinforced the bullish case around Applied Optoelectronics’ exposure to artificial intelligence data centers and the growing demand for high-speed optical transceivers.