Lumen Technologies Inc (LUMN)

Shares of Lumen Technologies Inc (LUMN) dropped by 6.21% from $1.77 to $1.66 in the trading on Wednesday, December 20, 2023. The reason why LUMN down today is due to reports indicating that Lumen is seeking an extension from creditors to complete its debt restructuring agreement. Lumen is reportedly requesting a one-month extension to extend the deadline for its debt restructuring agreement until January 31, 2024. While creditors have reportedly agreed to this extension, it has not been finalized yet. Lumen has been in discussions with banks regarding the extension of the deadline for its credit line in recent weeks. For the debt restructuring deal to be finalized, all banks will need to agree to it. Discussions have also included the topic of bank lenders receiving better priority in the repayment line. In November 2023, Lumen announced that it had reached an agreement with a group of creditors holding over $7 billion in outstanding debt to extend the maturities of the debt instruments. Additionally, the agreement would provide Lumen with an additional $1.2 billion in fresh financing.

Shares of Lumen Technologies (LUMN) dropped by 9.23% from $1.30 to $1.18 in the trading on Thursday, Novemeber 9, 2023. The reason why LUMN down is due to the latest rating from analysts, which lowered the target price for LUMN stock. Four analysts covering Lumen Technologies over the past three months have collectively reduced their price target for the stock. The average price target now stands at $1.76, compared to the previous forcast of at $2.69. This implies a decline of 34.57%. Such downgrades and lowered price targets from analysts can lead to negative sentiment among investors and contribute to a decline in share price.

Shares of Lumen Technologies (LUMN) dropped by 32.87% from $1.46 to $0.9801 in the trading on Wednesday, November 1, 2023. The reason why LUMN down is due to the company's recent third-quarter earnings release, which disappointed investors. Lumen Technologies reported a non-GAAP (adjusted) loss of $0.09 per share on revenue of $3.64 billion for the third quarter. This performance fell short of Wall Street's expectations, as analysts had anticipated an adjusted profit of $0.06 per share on revenue of approximately $3.61 billion. While sales slightly exceeded the midpoint analyst target, revenue was still down roughly 17% year over year.

Lumen Technologies, Inc. (LUMN) was down 6.47% to $1.30 after Glancy Prongay & Murray LLP reminded investors of looming deadline in the class action lawsuit against Lumen Technologies.

https://www.businesswire.com/news/home/20230926202834/en/Glancy-Prongay-Murray-LLP-Reminds-Investors-of-Looming-Deadline-in-the-Class-Action-Lawsuit-Against-Lumen-Technologies-Inc.-LUMN/?feedref=JjAwJuNHiystnCoBq_hl-W8j9Oi60kFTomUxRDB8jhB__5V88nVkCXMuGGyEbefTrCOi9QzgjCezTS3Nw_X6kJUrpSBm-Hav1w-UkdSlG3m2lReS6bg93GNjCK4R7VQTZzC18GwA9IvHQuvfNZfs7g==

Lumen Technologies Inc. (LUMN) stocks declined 7.95% to $1.39 after the news that Lowey Dannenberg P.C. is investigating a potential breach of fiduciary duty claim involving the board of directors of the company.

https://www.benzinga.com/pressreleases/23/09/g34830006/lowey-dannenberg-p-c-is-investigating-lumen-technologies-inc-nyse-lumn-for-potential-breaches-of-f

LUMN's stock fell 8.11% after The Wall Street Journal articles raised concerns about lead in legacy cable sheathing used by telecom companies decades ago. Lumen Technologies experienced a greater impact compared to industry giants Verizon and AT&T due to its significant holdings of landline assets in its account base.

https://www.fool.com/investing/2023/07/17/why-telecom-stocks-missed-mondays-market-rally/

LUMN's stock fell 7.23% after receiving a significant price-target cut from an influential bank. That decline was notably steeper than that of the S&P 500 index, which dipped by 0.1% on the day.

https://www.fool.com/investing/2023/05/19/why-lumen-technologies-stock-plummeted-by-6-today/