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Bond Market News
Lumen Bonds Jump Again After Upbeat Results, Free Cash Flow Forecast
August 7, 2024
Lumen Technologies jumped higher by 3-5 points across the curve, continuing their rally from the previous week. The company reported its second quarter earnings yesterday, wherein the company said that $5bn of new business was driven by AI demand and it was in talks for further $7bn in potential sales. Lumen also raised its free cash flow forecast for the year to $1-1.2bn from the earlier $100-300mn. Lumen’s stock and bonds have been trending higher since it announced a partnership with Microsoft last month. Its stock closed 93% higher on Tuesday to trade at $5, witnessing the biggest jump on record since February 2023. Lumen’s bonds have seen a massive rally with some bonds gaining by 18-19 points over the last 2 weeks as shown in the chart
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