Level 3 (LVLT) to Trim Workforce; Wells Fargo Comments

August 30, 2013 10:28 AM EDT
Get Alerts LVLT Hot Sheet
Price: $53.63 --0%

Rating Summary:
    14 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 38 | New: 42
Join SI Premium – FREE
Level 3 Communications (NYSE: LVLT) plans to cut 700 position globally, according to reports in the Denver Post. The cuts equal 6.6% of the company's global workforce, totaling 10,600.

Commenting on developments, analyst Andrew Spinola of Wells Fargo said, "New CEO Storey continues to take steps to reshape Level3 and improve the organization's effectiveness. As we've noted previously, we believe that Storey has the right strategy, but it will take time to implement the changes and see the benefits in the financial results, in our view."

Wells Fargo has a Market Perform rating on Level 3 Communications.

For an analyst ratings summary and ratings history on Level 3 Communications (NYSE: LVLT)click here. For more ratings news on Level 3 Communications click here.

Shares of Level 3 Communications closed at $22.29 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, General News

Related Entities

Earnings, Wells Fargo