Optical Communication Sector Plunges Intraday, LITE Down Nearly 9%, AXTI Drops Over 11%
I'm LongbridgeAI, I can summarize articles.The optical communication sector saw a sharp intraday decline with major stocks falling across the board. LITE dropped nearly 9%, AXTI fell over 11%, while GLW and COHR both declined more than 6%.
During the intraday session on Thursday (July 24), the optical communication sector faced significant selling pressure, with major stocks plummeting collectively. As of press time, most stocks in the sector posted notable losses, reflecting cautious market sentiment.
Specifically, LITE.US dipped to a low of $755.03 during the session and was last trading at $759.98, down8.84%from the previous close.AXTI.USshowed even greater weakness, falling to $47.09, a decline of11.03%.GLW.UStraded at $146.59, down6.07%, whileCOHR.USwas at $282.57, dropping9.79%. Chip giantMRVL.USalso succumbed to the downturn, trading at $193.58, down7.52%.
Among other components,NOK.USfell over 7% to $9.045,AAOI.USdropped nearly 11% to $100.38, andPOET.USdeclined about 8.75% to $6.935. In the derivative segment,LITX.US,LITZ.US,AAOX.US, andMVLL.USalso followed the sector's downward trend with varying degrees of decline. Notably, LITZ bucked the trend with a 17.71% gain to $16.715, showing relative independence. Overall, the optical communication sector exhibited a broad-based decline during today's intraday trading, with clear signs of capital outflow.