Why Lumen Stock Is Skyrocketing Today
Shares of Lumen Technologies (NYSE: LUMN) are soaring in Tuesday's daily trading session. The telecommunications company's stock was up 17.5% as of 3:15 p.m. ET, according to data from S&P Global Market Intelligence.
Lumen published a press release yesterday announcing that it had entered into a new partnership with and Alphabet's Google division on a new network interconnection system called ExaSwitch. In addition to the news of the team-up, Lumen is likely also benefiting from some positive data on the inflation front that was released today.
The ExaSwitch system from Lumen, Microsoft, and Google will make it possible to route internet traffic between networks quickly and efficiently without the need to cross connect with third-party services. Lumen Chief Technology Officer Andrew Dugan has stated that the new ecosystem represents the future of network interconnections and that optical switching would enable network capacity to be deployed across all types of data traffic exchanges. It's clear that the market is excited about the new service and partnership with two tech giants.
Source Fool.com
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