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Why Lumentum Stock Plummeted While Coherent Stock Skyrocketed Today

Why Lumentum Stock Plummeted While Coherent Stock Skyrocketed Today

Shares of Lumentum (NASDAQ: LITE) have plummeted while shares of Coherent (NASDAQ: COHR) have skyrocketed today after the companies announced that Lumentum would acquire Coherent. Lumentum also announced preliminary results for its fiscal second quarter of 2021. As of 12:30 p.m. EST, Lumentum stock was down 11% while coherent stock was up 32%.