Lumen's stock extends sharp declines toward lowest level in 42 years

Shares of Lumen Technologies Inc. (LUMN) were furthering their sharp declines Thursday despite an upbeat day for the S&P 500 . 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.

-Emily Bary

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11-02-23 1258ET

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