CenturyLink (CTL) Pares Gains Following Merger Rumor, Up Less Than 10%

October 27, 2016 1:39 PM EDT

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CenturyLink (NYSE: CTL) pared gains following rumors the company is in advanced talks with Level 3 Communications (NYSE: LVLT). Shares had been up 18% following a related Dow Jones report, but gave up gains later in the session, trading higher by less than 10%.

Peers Frontier Communications (NASDAQ: FTR), Zayo Group (NYSE: ZAYO), and Cogent Communication (NASDAQ: CCOI) initially gained in sympathy with CenturyLink.

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