Although industrial tech revenue rose by 1.7% sequentially, Lumentum expects flat sequential demand. Industrial laser shipments will decrease, offset by a small increase in 3D sensing sales.

Oclaro was up as much as 25.7 percent at $9.87. Lumentum rose as much as 7.3 percent, hitting a record of $74.03 in early trading. "The long awaited industry consolidation may have just started ...