On July 30, Lumentum rose 9.46% in regular trading, trading at $662.25/share, with Turnover of $311 million.

On the news front, Microsoft surged 9% in pre-market trading, lifting all three major US stock index futures higher and triggering a broad rally in AI concept stocks, storage stocks, and optical communications stocks. The optical communications sector had suffered consecutive days of heavy selling after Corning's Q3 guidance disappointed the market, with its core sales forecast upper bound merely matching expectations, compounding fears over the pace of AI infrastructure capital expenditure. Lumentum had pulled back significantly from its recent highs amid the sector-wide selloff.

Microsoft's strong performance reignited market confidence in sustained AI compute investment, driving capital back into upstream optical communications names. Within the Communication Equipment sector, Nokia rose 8.15%, Applied Optoelectronics rose 9.64%, Arista Networks rose 5.32%, and Ciena rose 7.76%. Lumentum's next earnings report is expected on August 11 after market close, with consensus EPS of $2.62.

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