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I'm Sorry

1:30 PM -- Level 3 Communications Inc. (NYSE: LVLT) CEO James Crowe is very sorry. He's sorry on nine different levels. At the company's annual shareholders meeting, he said: "We know we've disappointed a lot of you. We screwed up, and I'm sure it's not the last time we will." This of course was in reference to the nine acquisitions Level 3 has had a hard time integrating into its operations.

But hey, sometimes saying sorry is all it takes for some people to forgive. In fact Wachovia was so moved by the apology that it upgraded Level 3's stock from Underperform to Market Perform today. OK fine, the call wasn't based on Crowe's apology, but the stock has jumped over 10 percent today and now sits at $3.48.

I visited Level 3 out in Colorado back in March when the company was at its lowest point of the year. (See Power Struggle at Level 3?) Co-founder Kevin O'Hara had just "resigned" and the stock was trading below $2. But Level 3 insisted that despite the investor community having zero confidence in them, things were going according to plan and that people would soon get on board with them. (See Level 3 Stays the Course.)

Since then, they've made good on what they've promised. The stock is up nearly 100 percent since mid-March as the company continues to show signs that its integration woes are behind it. Perhaps Mr. Crowe is the one who is owed an apology.

— Raymond McConville, Reporter, Light Reading

Scott Raynovich 12/5/2012 | 3:40:20 PM
re: I'm Sorry If you really want to know what's going on with Level 3, take a look at the balance sheet, and which way it's trending. The stock price is a short term indicator.
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