Lumentum Holdings Higher Off Q3 Guidance

Lumentum Holdings Inc LITE shares are trading higher by $4.00 (8.7 percent) at $44.20 in Wednesday's session.

After the close on Tuesday, the company confirmed earlier leaked Q3 EPS guidance that was above estimates of $0.47, in the $0.46 to $0.54 range. Estimated sales came in the $250-$265 million range vs. estimates of $264.5 million.

The Street is focusing on the higher EPS guidance and pushed the issue to a new all-time high. After a higher open, it retreated only a dime to $41.90 before continuing its move higher. The follow-through rally has taken the issue to a new all-time high ($46.20), surpassing its former all-time high from October at $45.25.

In order to post a new all-time closing high, it would need to end the session above it October 6 close of $44.48.