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

Lumen Technologies Inc. shares
LUMN,
+2.50%
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,
-0.16%
and Alphabet Inc.’s
GOOG,
-0.05%

GOOGL,
-0.07%
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,
+0.22%
has advanced 12%.