Credo Leads U.S. Storage and Optical Stock Declines at 6.27%

U.S.-listed storage and optical communications stocks moved lower Tuesday, Oct. 13, with Credo posting the steepest decline among the listed companies at 6.27%.

Storage stocks also fell. Micron Technology declined 4.31%, Western Digital dropped 3.55%, Seagate Technology lost 3.29% and SanDisk fell 2.48%.

Optical communications shares posted broad declines. Applied Optoelectronics fell 3.15%, Coherent declined 2.58%, Lumentum lost 2%, Nokia dropped 1.36% and Astera fell 3%.

The moves extended a weak session for parts of the sector. Credo fell 5.69% Monday, while Applied Optoelectronics dropped 6.47%.

Selling pressure was concentrated in higher-beta optical-interconnection and optical-module stocks, while storage stocks posted comparatively smaller declines. The latest moves followed Monday’s declines across storage and optical communications shares.