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Getting your player ready...

As James Crowe walked across the conference stage of the Arizona Biltmore in Phoenix on Jan. 9, his steps echoed loudly off the stage floor against a nearly silent room of telecommunications executives and analysts.

Crowe, CEO of Level 3 Communications, talked for 37 minutes, but the reaction he got was subdued.

Some analysts think the company will have a hard time living up to the promises it has made its investors.

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