Stock Track | Lumen Technologies Plunges 16.83% Pre-Market Following Citi Downgrade

Stock Track

Oct 31

Lumen Technologies (LUMN) shares are experiencing a significant pre-market plunge of 16.83% on Friday, marking a sharp reversal from its overnight gains. The dramatic shift comes in the wake of mixed reactions to the company's third-quarter results and a notable downgrade from a major financial institution.

Initially, Lumen Technologies saw its shares climb 6.4% in overnight trading following the release of its Q3 earnings report. The company had managed to edge past third-quarter revenue estimates and posted a smaller-than-expected loss, driven by demand for its network infrastructure to support massive data flows and computational workloads amid an AI boom.

However, the positive sentiment was short-lived as Citi downgraded Lumen from Buy to Neutral with a price target of $11. This downgrade appears to have sparked a sell-off, contributing significantly to the pre-market plunge. The swift change in investor sentiment underscores the market's sensitivity to analyst opinions and the challenges facing Lumen Technologies in the competitive telecommunications landscape.

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The swift change in investor sentiment underscores the market's sensitivity to analyst opinions and the challenges facing Lumen Technologies in the competitive telecommunications landscape.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LUMN","symbol_name":"Lumen Technologies","start_time":0,"source_url":"","article_id":"1168482847","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1168482847","pubTimestamp":1761917064,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Lumen Technologies (LUMN) shares are experiencing a significant pre-market plunge of 16.83% on Friday, marking a sharp reversal from its overnight gains. 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