NEW YORK, Feb 7, 2026, 09:26 EST — Market closed
- Lumen Technologies jumped 29.4% on Friday, closing at $8.06 after a choppy session marked by heavy trading.
- Kathleen E. Johnson, the CEO, picked up 78,685 shares at roughly $6.35 apiece, according to a regulatory filing.
- After the AT&T fiber sale, S&P bumped up a major senior unsecured debt rating. Next up for investors: Feb. 25 investor day.
Lumen Technologies Inc saw its shares surge 29.37% on Friday, finishing the session at $8.06. Trading was heavy—volume exceeded 32.5 million shares—with the price swinging between $6.50 and $8.19. After the bell, the stock edged up to $8.08. 1
U.S. markets are closed for the weekend. Still, Friday’s rally is setting the tone for Monday. Lumen’s stock, already volatile amid its turnaround efforts, saw traders zero in on new cues out of the C-suite and credit markets.
President and CEO Kathleen E. Johnson picked up 78,685 shares on Feb. 5, an SEC Form 4 shows. She paid a weighted average of $6.3535 per share, with the trades ranging from $6.2775 to $6.42. After the buy, Johnson’s direct stake climbed to 8,562,582 shares, according to the filing. 2
S&P Global Ratings bumped up its issue-level rating on Lumen’s $1.35 billion senior unsecured notes—those aren’t secured by collateral—to “B” from “CCC.” The agency also upgraded its recovery rating on the notes to “2,” pointing to a higher estimate for creditor recovery if Lumen defaults. The issuer credit rating for Lumen stays at “B-.” S&P warned that leverage could creep higher if revenue keeps sliding while Lumen continues to invest in its pivot toward large-scale cloud clients, or hyperscalers. 3
The credit call follows just days after Lumen rolled out a cash-flow forecast that topped what analysts had penciled in. CFO Chris Stansbury told Reuters there’s been “a lot more uptake” in digital products lately, adding that Lumen secured about $2.5 billion in deals linked to its private connectivity fabric—the company’s term for dedicated connections moving data between data centers. 4
Friday’s rally leaves the debate over Lumen unresolved—can selling off consumer assets and pushing deeper into enterprise fiber really counter falling legacy telecom revenues? Bulls got a clear talking point from the insider buy. Shorts, though, have to pay attention, especially with the tape this thin.
Monday brings a test: will the momentum stick after the first rush of headlines dies down? Anyone tracking this name during earnings weeks wouldn’t blink if the action flips back just as quickly.
Still, there’s a flipside. Insider buying may show some faith, but it’s hardly a promise—especially if revenue starts slipping faster, or if network build expenses start outpacing what’s coming back in.
Lumen has its next big event lined up—investor day lands Feb. 25 at 9:00 a.m. ET in New York. Johnson and Stansbury will host, and investors can tune in via webcast. 5
