Shares of Lumen Technologies Inc.
LUMN,
were furthering their sharp declines Thursday despite an upbeat day for the S&P 500
SPX,
Lumen’s stock was off 13.8% to 84 cents in midday action, after plunging 32.9% in Wednesday’s session. Any close below 85.59 cents and above 82.30 cents would mark the stock’s lowest level since Sept. 30, 1981. The drops come after Lumen pushed out revenue-improvement goals when it posted third-quarter results after Tuesday’s closing bell. “Lower revenue and weaker margins are pressuring [earnings before interest, taxes, depreciation and amortization], taking leverage higher after the company worked hard to slash its debt balances,” Gimme Credit analyst Dave Novosel wrote in a Wednesday note to clients.
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