Momentum investors will watch Nasdaq (QQQ) closely today. Leading the index lower are the downstream firms that benefited from NVIDIA’s (NVDA) investments.
Lumentum (LITE) fell 7.3%, while Coherent (COHR) is down by 7.4%. LITE stock is struggling to trade beyond the $1000 level, with a 52-week high of $1,085.68. In the third quarter, the company experienced strong demand exceeding supply for its goods. Analysts reacted by issuing bullish reports on Lumentum.
Arm Holdings (ARM) is down by around 6.6%. The recent chip rally lifted ARM stock to a high of $239.50. Investors should watch out for selling pressure in shares of Credo Technology (CRDO) and Intel (INTC).
Stocks that are on the rise today include Dexcom (DXCM). The stock’s ~ 6% rise is in response to activist firm Elliott getting two board seats. Dexcom’s stock downtrend might end after the company said that Elliott will have two independent seats on the board. The firm said that they would “provide additional oversight and support to management as the company embraces its significant long-term opportunity and global customer growth ambitions.”
Figma (FIG) gained 11.5%, trading at around $22.60. The company posted revenue growing by 46.1% Y/Y to $333.44 million. Non-GAAP EPS of $0.10 beat expectations. For 2026, Figma is forecasting revenue of $1.422 billion to $1.428 billion. That implies growth of 40% Y/Y.
