Why Ciena, Lumentum and other optical stocks were among the market’s biggest losers on Monday
The sharp moves could partly be a reaction to recent cautious commentary on AI spending.
Monday witnessed notable fluctuations in various stocks across different market capitalizations. Facebook (META) stocks experienced a rise, while Crowdstrike Holdings (CRWD) saw a decline.
Among the mega-cap movers with a market cap of $200 billion or higher, Meta Platforms (META) led with a 3.97% increase, as Crowdstrike Holdings (CRWD) saw a 4.49% decrease.
In the large-cap range of $10-$200 billion, Lumentum Holdings (LITE) and Cerebras Systems (CBRS) both dropped by 11.08% and 10.4% respectively. Coherent (COHR), dMY Technology Group III (IONQ), and Ionq's planned acquisition of Elisity for up to $1.3 billion also made headlines, with a 9.18% decline.
Mid-cap stocks saw mixed results, with Figs (FIGS) rising 12.01% and Dragoneer Growth Opp (CCC) increasing 9.76%. MaxLinear Inc (MXL) saw a 7.85% drop, while Applied Opt (AAOI) and AXT Inc (AXTI) both declined by 9.33% and 9.42% respectively.
Fastly Inc (FSLY) and Bausch + Lomb (BLCO) each lost 10.07% and 9.65% of their value. Small-cap stocks had varied performances, with WF Holding (WFF) up by 94.71% and Wowo Ltd (CD) falling 20.65%. Surrozen (SRZN) dropped 18.86%, while Pacific Biosciences (PACB) and Evolution Metals Tech (EMAT) both decreased by 13.73% and 13.41%.
SNXX (SNXX) and Cree Inc. (WOLF) each saw declines of 12.72% and 12.54% respectively, while Sustainable Opportunities Acqui (TMC) experienced a 12.97% decrease.
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