5 Biggest Losers Today

In this article, we discuss the 5 biggest losers of this morning. If you want to check out some more stocks losing value on Tuesday, go directly to 10 Biggest Losers Today. 

5. Lumen Technologies, Inc. (NYSE:LUMN)

Number of Hedge Fund Holders: 42

Lumen Technologies, Inc. (NYSE:LUMN) named its new chief executive officer this morning. The news sent Lumen stock down more than six percent after the opening bell on Tuesday. The Louisiana-based telecommunications company has appointed Kate Johnson as its next CEO.

Johnson would replace the outgoing CEO Jeff Storey. Lumen Technologies, Inc. (NYSE:LUMN) said Storey would stay with the company through the end of this year to facilitate a smooth transition. Storey is retiring after spending nearly four decades in the telecommunication and technology sectors.

Earlier this year, Memphis-based Longleaf Partners Fund also discussed Lumen Technologies, Inc. (NYSE:LUMN) in its first-quarter 2022 investor letter, stating:

“Lumen – Lumen reported weak organic revenue growth and guided more weakness for 2022. We expect revenue growth to kick back in towards the end of 2022, and the huge FCF coupon helped offset value decline from the weaker guidance. The other factor weighing on the stock price was largest shareholder Temasek’s partial sale of its 10% position in the quarter, creating uncertainty and a share price overhang. We have a 13D filed and continue to urge the company to take steps to address the significant price-to-value gap, including continued share buybacks.”