Lumen Technologies (LUMN) saw its stock price decline by 7.14% on December 9, 2024, closing at $6.50, down from the previous close of $7.00. The stock opened at $7.00 and reached a high of $7.12 before dropping to a low of $6.45 during the trading session. The trading volume was 9,898,790, which is about 60% of the average daily volume, indicating a relatively subdued trading day. The decline in Lumen's stock price can be attributed to negative sentiment from influential market commentators, including Jim Cramer, who advised against investing in the company, citing its overvaluation and potential for further decline. This sentiment is compounded by Lumen's ongoing financial struggles, as evidenced by a reported net loss of $148 million in Q3 2024, which continues to weigh on investor confidence.
Despite recent strategic efforts to expand its fiber network and partnerships with major tech companies, Lumen's financial health remains a concern. The company's negative earnings per share in four of the last five quarters and the broader market's cautious stance towards companies with uncertain financial outlooks have further contributed to the stock's downward pressure.