Lumentum's $510M Volume Ranks 234th in US Equities as Stock Slides 1.96% Amid Sector Strength

On October 6, 2025, Lumentum Holdings (LITE) closed down 1.96% with a trading volume of $510 million, ranking 234th in volume among U.S.-listed equities. The decline occurred despite strong sector-wide momentum in optical technology components, as investors weighed near-term demand uncertainties against broader market volatility.

Analysts noted mixed signals in the firm’s strategic positioning, with recent product roadmap adjustments raising questions about short-term revenue visibility. While the company maintains a dominant share in laser-based manufacturing solutions, market participants highlighted competitive pressures in high-volume optical component segments. Institutional selling pressure was observed in late afternoon trading, though no material earnings or partnership announcements were reported to trigger the move.

To run this back-test rigorously I need a few extra details (and one quick confirmation): 1. Universe • Should the “top 500 by trading volume” be selected from all U.S. listed common stocks (≈4 000 names) each day, or from a narrower group such as the S&P 500 constituents? 2. Weighting & capital allocation • Equal-weight each of the 500 names every day, correct? • Any transaction-cost assumption (e.g., 1 bp per side)? 3. Price used for fills • Buy at that day’s close and sell at the next day’s close? (If you prefer open-to-open, let me know.) 4. Risk controls • No stop-loss / take-profit / max-hold limits beyond the 1-day holding period? Once I have these pieces I can launch the back-test and report the performance metrics.