, Columnist
The Three-Minute Chat That Wiped Billions Off Stocks
Lumentum outlined how changing winds at a key client, Apple, hurt its outlook. Maybe the company hasn’t learned to play the supplier game.
Who wants ’em?
Photographer: David Paul Morris/Bloomberg
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A three minute conversation on stage at UBS AG’s Global Technology Conference in San Francisco helped wipe more than $190 billion from global stocks.
Lumentum Holdings Inc. makes lasers for 3D facial recognition used by major smartphone makers, with Apple Inc. its key client. On Monday, the company announced a 17 percent cut in its December-quarter revenue outlook. That triggered a plunge in shares of Apple and its suppliers, and reverberated through stock markets in the U.S. and Asia.