Why Lumen Stock Is Rocketing Higher Today
Shares of Lumen (NYSE: LUMN) are posting big gains in Wednesday's trading. The telecom's stock was up 16.7% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.
Top U.S. telecommunication stocks are rallying today as investors reassess risks related to recent reports about lead-coated copper cables. Notably, published a filing saying that less than 10% of its domestic copper-wire telecom network uses lead-coated cables, prompting gains for its stock and other telecom players, including Lumen.
The Wall Street Journal published a report on July 9 stating that there was a risk of lead contamination from more than 2,000 telecommunications cables across the U.S. The report prompted stark valuation pullbacks for top domestic telecom companies. But AT's report on lead-cable usage seems to be assuaging fears about telecoms.
Source Fool.com
