On August 19, Credo Technology Group Holding Ltd fell 5.54% in regular trading, trading at $231.945/share, with turnover of $358 million.

On the news front, the optical communications sector suffered a broad selloff after Fabrinet reported earnings that disappointed the market, sending its shares down over 14% and leading the sector lower. Coherent plunged 11%, while the Nasdaq opened down over 1%, with multiple optical communications and storage stocks declining more than 5% in a clear sector-wide rout.

The stock had already dropped 7.61% in the prior session amid a sector-wide pullback and rising U.S. Treasury yields, extending a two-day losing streak. Short-term profit-taking pressure intensified following a 5.98% rally earlier in the week. Despite Barclays previously raising its price target to $300 on strong AI interconnect demand prospects, persistent technical selling pressure and sector contagion weighed heavily on the stock.

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