Level 3 stock falls hard after downgrade

Level 3 Communications has been up and down the last year or so, and we're not just talking about the company's stock price, which fell by almost 9% in intra-day trading yesterday after Morgan Stanley issued a downgrade of the stock. The company has been working--and some would say struggling--to integrate many acquisitions made over the last couple of years. Yet, some of these deals have positioned Level 3 on the cutting edge of the content delivery network sector amid an explosion in online video use that should continue to benefit CDN providers.

Recently, the carrier also reportedly was advised to eliminate as many as 1,100 jobs, yet its fourth-quarter earnings showed an improved financial metrics. Company officials advised revenue could be a little soft for the first quarter of 2008, though CEO James Crowe just told an audience at the Silicon Flatirons conference that the future looks bright in the bandwidth business.

For more:
- read this Associated Press coverage at CNN Money

Related articles:
- Level 3 Execs lose their bonuses Article 

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