Why Lumen Technologies Stock Jumped 77.3% Today
Shares of Lumen Technologies (NYSE: LUMN) got a huge boost today from another company's earnings report. (NYSE: GLW) announced that it's selling 10% of its fiber capacity for the next two years to Lumen, and investors loved the news.
Shares jumped as much as 77.3% in parabolic trading mid-day before falling back to close the day up 38%.
Last week, Lumen announced that it has partnered with Microsoft (NASDAQ: MSFT) to "enable digital transformation" of the company's infrastructure. That will include access to Lumen's fiber network, as well as adding new fiber on new and existing routes.
Source Fool.com
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