Why Lumen Stock Jumped Today
Lumen (NYSE: LUMN) stock managed to post gains in Tuesday's trading despite a big pullback for artificial intelligence (AI) stocks. The telecom specialist's share price ended the session up 2.5% despite a 0.5% pullback for the S 500 index and a 1.4% decline for the Nasdaq Composite.
Lumen stock announced today that it had hired Ciena to provide optical technologies for its AI initiatives today. The news helped the stock close out gains even as investors broadly sold out of AI stocks in response to macroeconomic risk factors and nervousness ahead of Nvidia's quarterly report tomorrow.
Lumen has selected Ciena as its key partner for optical technologies that will be used to build out its telecommunications infrastructure for AI. Lumen says that the implementation of the technology will bring performance and cost improvements for operators, and it also plans to utilize Ciena's control suite to help automate and manage the operation of its fiber assets. The news caused investors to shrug off valuation pressures impacting AI companies today and bid up Lumen stock.
Source Fool.com
Ciena Corp. Stock
The stock is one of the favorites of our community with 28 Buy predictions and 2 Sell predictions.
As a result the target price of 78 € shows a slightly positive potential of 10.58% compared to the current price of 70.54 € for Ciena Corp..
