On June 23, Lumentum Holdings fell 3.24% overnight, trading at $859.52/share, with turnover of $16.12 million.

On the news front, independent research firm SemiAnalysis published a report indicating that co-packaged optics (CPO) mass production timelines may be pushed back to 2028 or even 2029, with system-level yields at only approximately 19% — far below production-ready standards. This assessment has continued to suppress sentiment across the optical communications sector. Although CEO Michael Hurlston previously offered a near-packaged optics (NPO) narrative at the Mizuho Technology Conference, suggesting NPO opportunities could exceed CPO with volume production expected in the second half of 2027, the fundamental concerns around CPO delays remain unresolved.

Within the Communication Equipment sector, the overall tone was weak. Among individual stocks, Cisco up 0.31%, Applied Optoelectronics down 4.48%, Ciena down 2.35%, Nokia down 3.74%, and Arista Networks down 1.74%. Sector-wide linkage effects intensified downward pressure on individual names.

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