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

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.

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