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● The acquirer's shares rose while the target's shares slipped on Thursday.
● The company cut its full-year service revenue forecast to $5.15 billion to $5.17 billion.
● FreeCash Flowturned negative at $9.07 billion as quarterly capex reached $51.36 billion.
● Fourth-quarter revenue guidance of $15.0 billion to $16.0 billion fell well below expectations.
● FreeCash Flowreached $1.34 billion alongside a record operating margin.
● Lumentum gave back most of its gain and closed only slightly higher.
● Shares gapped higher to $14.35 against a prior close of $11.72.
● The shares rebounded above the $625 price of the recent $25 billion offering.
● Fourth-quarter revenue guidance of $1.35 billion sat far above the $1.23 billion consensus.
● Second-quarter guidance calls forRevenueof $96 billion to $97.1 billion and higher capex.
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