CALL INVITE -> NEW SHORT LUMEN TECHNOLOGIES (LUMN) | +40% DOWNSIDE

Lumen Technologies (LUMN) operates the third largest fiber network in the U.S. with ~400,000 fiber route miles. Lumen operates in an industry with significant pricing pressure due to continued introduction of new technology that lowers the marginal cost of transmission and routing, and the commodity nature of the service where price is typically the only differentiating factor*. The company operates two segments, "business" and "mass market" and both face significant challenges, with legacy voice and data services experiencing accelerating secular decline due to technological shifts and intense competition.