Coherent Corp. shares fall 20.59% intraday after selling Aerospace and Defense business for $400 million.

Coherent Corp. dropped 20.59% intraday, with the company announcing the sale of its Aerospace and Defense business to Advent for $400 million. The proceeds from the sale will be used to reduce debt, which is expected to be immediately accretive to Coherent’s EPS. Additionally, BofA Securities downgraded Coherent to Neutral from Buy, which may have contributed to the stock's decline.