Lumen Technologies Options Fly, Stock +260% in Seven Sessions
Lumen Technologies shot up 29% Wednesday and 260%+ for the past seven sessions leading up to and after the firm's Q2 earnings report Tuesday. The firm reported a net loss of $49M for the quarter but pointed to its $5B in bookings announced the day before as an example of its long-term growth promise.
The company lost 5 cents a share, compared to a loss of $8.74 billion, or $8.88 a share, in last year's quarter, which included a non-cash goodwill impairment charge of $8.79 billion. $LUMN.US$ reported an adjusted per-share loss of 13 cents, and revenue fell 11% to $3.27 billion.
Despite the loss, the firm said it had partnered with Microsoft on future plans, and its loss was narrowing. The firm did not specify what time frame the $5B in new bookings represented.
In part after the news, traders swapped 403k options contracts according to moomoo volume. Two contracts stood out for their high volume- the $6 Friday expiration calls saw 10k in trading volume. $3.5 Friday expiration puts also saw high volume-13k changed hands.
The call asking price jumped 129% in price Wednesday, while the put price dropped 88%, according to moomoo volume.
The stock saw a Call Put volume of 65:35, and investors swapped $1.63B in shares on Wendedesay alone. The stock was removed from the S&P 500 in 2023 and used to be known under the name CenturyLink.
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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Paul Anthony : very helpful thanks