Why Lumen Stock Is Surging Today
Lumen (NYSE: LUMN) stock is soaring in Friday's trading. The company's share price was up 7.8% as of 3 p.m. ET amid a 0.4% increase for the S&P 500 index and a 0.5% gain for the Nasdaq Composite index.In addition to positive momentum for the broader market, Lumen is getting a big boost from Broadcom's recent earnings report. Broadcom is a designer of connectivity and networking chips and has become a key bellwether for the artificial intelligence (AI) space -- and it just posted better-than-expected quarterly results.Lumen and other AI hardware stocks are moving higher today thanks to Broadcom's results for the first quarter of its current fiscal year, which ended Feb. 2. The chip specialist posted non-GAAP (adjusted) earnings per share of $1.60 on sales of $14.92 billion, beating the average analyst estimate's call for adjusted earnings per share of $1.51 on sales of $14.59 billion.Continue reading
Lumen (NYSE: LUMN) stock is soaring in Friday's trading. The company's share price was up 7.8% as of 3 p.m. ET amid a 0.4% increase for the S&P 500 index and a 0.5% gain for the Nasdaq Composite index.
In addition to positive momentum for the broader market, Lumen is getting a big boost from Broadcom's recent earnings report. Broadcom is a designer of connectivity and networking chips and has become a key bellwether for the artificial intelligence (AI) space -- and it just posted better-than-expected quarterly results.
Lumen and other AI hardware stocks are moving higher today thanks to Broadcom's results for the first quarter of its current fiscal year, which ended Feb. 2. The chip specialist posted non-GAAP (adjusted) earnings per share of $1.60 on sales of $14.92 billion, beating the average analyst estimate's call for adjusted earnings per share of $1.51 on sales of $14.59 billion.
