Why Lumen Technologies Stock Plummeted Today
Lumen (NYSE: LUMN) stock got hit hard in Tuesday's trading. Its share price was down 10% just before market close on news that the company could wind up selling one of its units to AT&T. The stock had been down as much as 18.7% earlier in the day.Bloomberg published a report today suggesting that AT&T could wind up buying Lumen's consumer-facing fiber internet business. Investors clearly aren't happy about the news. The report used unnamed sources.According to today's report, AT&T could buy Lumen's consumer fiber business for roughly $5.5 billion. While a sale could generate a significant amount of cash for the debt-laden Lumen, there are good reasons investors investors are having such a negative reaction to the news.Continue reading
Lumen (NYSE: LUMN) stock got hit hard in Tuesday's trading. Its share price was down 10% just before market close on news that the company could wind up selling one of its units to AT&T. The stock had been down as much as 18.7% earlier in the day.
Bloomberg published a report today suggesting that AT&T could wind up buying Lumen's consumer-facing fiber internet business. Investors clearly aren't happy about the news. The report used unnamed sources.
According to today's report, AT&T could buy Lumen's consumer fiber business for roughly $5.5 billion. While a sale could generate a significant amount of cash for the debt-laden Lumen, there are good reasons investors investors are having such a negative reaction to the news.
