Lumentum Surges, PepsiCo Falls, Meta Soars

On this episode of Stock Movers:

- Lumentum Holdings (LITE) stock is trading higher on Thursday. The California-based technology firm is experiencing upward momentum alongside other companies in the fiber optic connectivity sector.

- PepsiCo (PEP) shares are down 2% ahead of the bell after the company reported weaker-than-expected performance in domestic food and beverage categories for the second quarter. Management blamed “consumer budgets tightening due to rising inflationary pressures,” said and constant currency core EPS growth would be primarily weighted toward the fourth quarter, which some analysts say clouds visibility.

- Meta Platforms (META) needs all the computing power it can get, according to Chief Executive Officer Mark Zuckerberg, but he is also considering renting out some of Meta's AI infrastructure to outsiders. Meta is developing plans for a cloud business, which could include selling access to various AI models hosted on Meta's existing AI infrastructure. Its stock is up over 5.52 % on Thursday.

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