: Lumen stock pops after company works with Google, Microsoft on new product

Lumen Technologies Inc. shares LUMN have been punished this year, but they were getting a lift in Monday’s premarket action after the company announced that it has been working with Microsoft Corp. MSFT and Alphabet Inc.’s GOOGGOOGL Google on a new product. Lumen developed its new ExaSwitch network interconnection ecosystem in collaboration with Microsoft and Google, the company said in a Monday morning release. Lumen shares were up 5% in premarket trading. “This platform empowers organizations with high bandwidth needs to route their traffic dynamically and quickly between networks, and without third-party intervention,” the company noted in its release. Lumen shares have shed nearly two thirds of their value so far in 2023, as the S&P 500 SPX has advanced 12%.

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