Shares of beleaguered telecom Lumen Technologies (NYSE: LUMN) were on the rise Tuesday, up by 9.1% at one point before settling back to a 4.2% gain as of 12:51 p.m. ET.

Lumen reported third-quarter earnings last week, and the stock plunged in the immediate aftermath. However, over the past few days, its new CEO and CFO each made sizable purchases of the stock on the open market, even though the stock is trading as if bankruptcy is a possibility.

Then Tuesday, Lumen released a press release on a new Department of Defense contract win. It appears the vote of confidence from the Dod is adding to the optimism of the past few days.

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Source Fool.com