Why Lumen Technologies Plunged 26.9% in September
Shares of telecom stock Lumen Technologies (NYSE: LUMN) plunged 26.9% in September, according to data from S&P Global Market Intelligence.
Lumen's stock had actually held up relatively well this year until late August, despite its high debt load and declining revenues. However, those concerns eventually came home to roost following Fed Chair Jay Powell's hawkish speech in Jackson Hole and a disappointing August inflation report. Lumen's longtime CEO, Jeff Storey, also announced his retirement in September, adding another element of uncertainty surrounding the company's turnaround plan.
On Sept. 13, Lumen announced Storey's retirement. In his place, Lumen's board appointed former Microsoft (NASDAQ: MSFT) executive Kate Johnson as the new CEO.
Source Fool.com
