New Qwest CEO Edward Mueller just oversaw his first quarterly financial report this week, and didn't seem in a rush to satisfy Wall Street. The company reported declines in revenue and access lines, and a huge jump in net income was tempered by the fact that most of it was due to a one-time tax gain. Mueller also simultaneously announced an additional $300 million fiber investment just when many investors were hoping to see that kind of money put toward a dividend.
The result: Analysts weren't happy, Qwest's stock value got hammered and now company watchers sound more anxious than ever to hear what Mueller's future plan is for the company. Meanwhile, not everyone is unhappy: Qwest signed off on a $411 million payment to investors who opted out of a class action settlement against the company related to the Joe Nacchio insider trading scandal.
- Joe Nacchio's appeal on his insider trading conviction is ongoing