Lumen’s stock follows record annual decline with another steep plunge this year

Lumen Technologies Inc. isn’t exactly in the best company among the S&P 500’s laggards this year.

Of the eight worst-performing names in the index so far in 2023, seven are beaten-down bank stocks, including SVB Financial Group SIVB and Signature Bank SBNY, whose corresponding banks have collapsed and been taken over by the government. SVB and Signature shares are halted and are due to be booted from the S&P 500 SPX after today.

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