Why Lumen Technologies Stock Was a Winner on Wednesday – The Motley Fool
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Veteran telecom stock Lumen Technologies (LUMN -0.73%) weathered the stock market’s downbeat Wednesday, inching up higher while many other titles sank. The company’s share price rose by nearly 1%, on a day when the bellwether S&P 500 index landed marginally in the red. The expansion of an existing partnership — and a resulting new product offering — was the source of investor optimism.
On Wednesday morning, Lumen announced the rollout of its Lumen Solutions for Contact Center-Genesys Cloud. As the name implies, this is a new contact-center-as-a-service (CCaaS) offering from the company that addresses that particular business need. Lumen has developed and is offering the service in conjunction with its partner, call center technology specialist Genesys.
The telecom didn’t hesitate to point out that Solutions for Contact Center includes numerous cutting-edge technologies, such as speech-enabled interactive voice response and automatic call distribution. It also provides for the recording and storing of all interactions through its system.
The company touted the reasonable price of the new offering, although it didn’t specify exactly how much it would cost. It quoted its Senior Director of UC&C (unified communications and collaboration) Product Management Craig Richter as saying, “Legacy platforms are capital intensive, while newer cloud-based or hybrid solutions are much more flexible and cost effective.”
Customers certainly expect effective and helpful interactions with the companies they want or need to contact, so Lumen’s new product should get some take-up from businesses wanting to stay current with such solutions. Understandably, investors would be at least cautiously optimistic about the company’s new product.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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