10 Big Names Leading Wall Street Gains

4. Lumentum Holdings Inc. (NASDAQ:LITE)

Lumentum Holdings soared to a new 52-week high on Wednesday, as investors took path from a bullish analyst coverage and an improved earnings performance in the first quarter of fiscal year 2026.

At intra-day trading, the stock jumped to its highest price of $240.71 before paring gains to end the day just up by 23.57 percent at $232.75 apiece.

In a market note, investment firm Wolfe Research raised its price target for Lumentum Holdings Inc. (NASDAQ:LITE) to $240 from $150, while maintaining an “outperform” rating, on expectations that its indium phosphide laser solutions would highly benefit from the rapid development of the artificial intelligence industry.

Meanwhile, Lumentum Holdings Inc. (NASDAQ:LITE) announced that it swung to a net income of $4.2 million in the first quarter of fiscal year 2026 from a $82.4 million net loss in the same period last year. Net revenues jumped by 58.4 percent to $533.8 million from $336.9 million year-on-year.

“Our first-quarter results and forward guidance underscore our strong momentum across data center, data center interconnect, and long-haul markets,” said Lumentum Holdings Inc. (NASDAQ:LITE) President and CEO Michael Hurlston.

“Our guidance indicates we expect more than 20 percent sequential revenue growth, even before meaningful contributions from two of our next major growth engines—optical circuit switches and co-packaged optics. Our third driver, cloud transceivers, is expected to grow in our second quarter and should now be on a sustainable upward path. With our broad optical portfolio, we are well positioned to support the rapid expansion of AI compute,” he added.