Why Lumen Technologies, Inc. (LUMN) Crashed On Wednesday

We recently published a list of Investors Are Dumping These 10 Stocks. In this article, we are going to take a look at where Lumen Technologies, Inc. (NYSE:LUMN) stands against other worst-performing stocks on Wednesday.

Lumen Technologies dropped its share prices by 4.87 percent on Wednesday to close at $3.91 apiece after falling 33 spots in Fortune 500 rankings.

Fortune 500 companies are the 500 largest revenue-generating companies in the US in terms of total revenues. Cumulatively, they bring about $19.91 trillion in revenues and employ more than 31 million individuals.

Last year, Lumen Technologies, Inc. (NYSE:LUMN) recorded $13.1 billion in revenues, lower by 9.6 percent than the $14.5 billion registered in 2013.

Also on Wednesday, Lumen Technologies, Inc. (NYSE:LUMN) announced plans to provide the terrestrial backhaul connectivity for the JUNO Trans-Pacific Cable System, the highest-capacity trans-Pacific cable linking Japan and the United States.

“Our critical fiber backbone enables the seamless high-capacity transport from Asia into the heart of the U.S. digital economy. This level of control, scale, and performance is exactly what global enterprises and cloud providers need to support the next generation of AI and data-driven innovation,” said Chief Revenue Officer Ashley Haynes-Gaspar.

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Disclosure: None. This article is originally published at Insider Monkey.