5 Stocks Heating Up Amid Market Panic

In this article, we will look at the 5 Stocks Heating Up Amid Market Panic. For a deeper discussion and an extended list, please see 10 Stocks Heating Up Amid Market Panic.

The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels

5. Lumentum Holdings Inc. (NASDAQ:LITE)

Lumentum Holdings rallied for a fourth straight day on Wednesday, climbing 7.89 percent to finish at $700.81 apiece, as investors continued to load up portfolios ahead of its official inclusion in the S&P 500 next week.

Earlier this month, Lumentum Holdings Inc. (NASDAQ:LITE) was named as the new addition to the said benchmark index effective Monday, March 23, marking a significant milestone and promotion from the S&P MidCap 400.

Typically, listed companies see a significant movement in their share prices before their official addition or removal from indices, as funds and institutional investors reposition their portfolios to mirror the composition of the index being tracked.

“Inclusion in the S&P 500 is a monumental achievement for our company and a credit to our global workforce. It reflects our vital role in helping customers build next-generation AI infrastructure,” Lumentum Holdings Inc. (NASDAQ:LITE) President and CEO Michael Hulrston said.

“By deepening our strategic partnerships and increasing capacity for advanced photonics, we continue to deliver long-term value to both our customers and shareholders,” he added.

The rally may also be partly attributed to Morgan Stanley’s 14 percent price target upgrade for the stock, albeit 15 percent lower than its latest closing price.

Morgan Stanley gave the company a new price target of $595, versus $520 previously, and maintained an “equal weight” recommendation.