Lumen Technologies (LUMN) is experiencing a rise in its stock price today, driven by the company's strategic partnerships and growing demand for its private connectivity fabric (PCF) solutions. Lumen has been capitalizing on the AI-driven demand for its digital offerings, securing significant deals with tech giants like Google Cloud and Amazon Web Services. These collaborations are enhancing Lumen's network capabilities and expanding its reach in the AI economy, which has been a key factor in the stock's upward momentum.
Additionally, Lumen's recent announcement of raising its free cash flow guidance for 2024, attributed to the growth in PCF sales, has further bolstered investor confidence. The company now anticipates free cash flow between $1.2 billion and $1.4 billion, up from the previous range of $1 billion to $1.2 billion. This positive outlook, coupled with Lumen's ongoing efforts to streamline operations and reduce costs, is contributing to the stock's performance.
Lumen Technologies' stock is currently trading at $6.39, reflecting a 2.57% increase from its previous close of $6.23.