Lumen Technologies (NYSE:LUMN) shares on Thursday after the mass trading in bundles, which took place overnight, is pleasing.
According to recent reports, he dealt with Credit Suisse sold 25 million shares from an unknown seller. As a result, the company valued those shares at $ 12.65, well below yesterday’s final price of $ 13.28 per share.
This huge movement in discounted prices since yesterday’s close easily explains why LUMN shares are slipping today. It lowers the price as it damages investor confidence and drags the stock below $ 12.65 when selling blocks.
Accordingly, investors today see strong trading in LUMN shares. Since that writing, more than 23 million shares of the company have changed hands. This is well above the daily average trading volume of around 10.7 million shares.
Lumen Technologies is an American telecommunications company based in Monroe, La. Its business includes providing communications, network services, security, cloud solutions, voice and managed services to customers.
Another recent news regarding the company is the decision to sell much of its telecommunications business. The company plans to sell its $ 7.5 billion business in a deal to be concluded later this year. It is possible that this deal could scare investors away from LUMN shares even today.
LUMN shares fell 7.7% on Thursday afternoon.
Investors looking for more of the latest stock market news will want to stay present!
InvestorPlace has all the latest stocks that retailers need to know for Thursday! A few examples of this include Virgin Galactic (NYSE:SPCE) is not so hot BTCS (NASDAQ:BTCS) crypto dividend forecasting as well Coinbase (NASDAQ:COIN) reveals plans to take over FairX. Investors can learn all about these matters for themselves by looking at the links below!
More stock market news for Thursday
On the day of the publication of William White did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.