: Coherent stock surges, leading optical names higher after EV product announcement

Shares of Coherent Corp. COHR were surging about 20% in Wednesday morning action after the optoelectronics company announced a new product that it says will serve electric-vehicle applications. Coherent’s PH20 SmartWeld+ laser processing heads are “optimized for precision control of welding depths,” making them beneficial in EV use cases, the company said in a release. “The exponential growth in battery manufacturing for electric vehicles is driving the demand for next-generation laser processing systems that can produce the highest-quality welds in batteries while accelerating manufacturing throughput and maintaining competitive cost of ownership.” Shares of Lumentum Holdings Inc. LITE , and Applied Optoelectronics Inc. AAOI were seeing sharp gains as well in Wednesday’s session, each up more than 7%.

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