Level 3 Communications stock dropped nearly 6 percent Wednesday after a Deutsche Bank analyst downgraded the Broomfield-based company’s stock from “hold” to “sell.”
Deutsche Bank analyst Greg Miller recommended swapping Level 3 stock for shares of Doug las County-based Time Warner Telecom, which he rates at “buy.” Miller said Level 3 appears to be trying to transform from being a wholesale network operator into a commercial operator similar to Time Warner Telecom.
Level 3 has made seven acquisitions in the past 15 months, and Miller said it’s possible that it might not be done.
Additional business news briefs:
HOUSTON
Anadarko to sell two Wyoming oil fields
In the latest of a number of deals to reduce debt, oil-and-gas producer Anadarko Petroleum Corp. has agreed to sell its interests in Wyoming’s Elk Basin and Gooseberry oil fields to Encore Acquisition Co. of Fort Worth for $400 million in cash.
Houston-based Anadarko has been on a selling spree as part of a plan to reduce debt from about $26 billion to roughly $12 billion by the end of this year.
It borrowed $22.5 billion in August to help finance its $23.3 billion purchase of Denver-based Western Gas Resources and Oklahoma City-based Kerr-McGee Corp.
DENVER
SouthWest Limousine holds new permit
SouthWest Limousine, a Morrison-based company, has been granted a new limousine permit by the Public Utilities Commission, state records show. A Denver Post story this month about limousine companies that operated without permits reported that SouthWest’s permit had been revoked in August. SouthWest’s owner, Ray Derani, said Wednesday he had commercial insurance as of Dec. 27. Proof of such insurance is a requirement to receive a PUC permit.
DENVER
Qwest has three-year Just Brakes contract
Qwest announced Wednesday it has signed a three-year, $1.44 million contract with Dallas- based automotive-brakes provider Just Brakes.
Qwest will provide voice and data services under the contract to Just Brakes’ 140 stores in eight states, the company said. Qwest will also enable Just Brakes to centralize its accounting on the Web, giving stores more customer information.
BROOMFIELD
Vail Resorts partners with LX.TV network
Broomfield-based Vail Resorts Inc. announced Wednesday it is partnering with LX.TV, a luxury lifestyle broadband television network.
The two have introduced LX/Snow, a series of on-demand broadband video episodes designed to give viewers a look at Vail’s winter destinations, including Vail, Beaver Creek, Breckenridge and Keystone.
SAN JOSE, Calif.
Former HP chief is offered plea bargain
Former Hewlett-Packard chair woman Patricia Dunn and four other defendants, facing state charges of felony conspiracy and identity theft in the HP spy scandal, have been offered a deal to plead guilty to a misdemeanor charge, sources familiar with the case say.
However, federal authorities are proceeding with their investigation, which could limit the defendants’ incentive to accept a negotiated plea with state prosecutors.
Federal prosecutors last week netted the case’s first conviction when Bryan Wagner, a Littleton investigator, entered a guilty plea to felony counts of conspiracy and aggravated identity theft.
WASHINGTON
Airline employment continues its decline
U.S. airline employment has continued to shrink, with 1.6 percent fewer workers in November compared with a year earlier, according to the Bureau of Transportation Statistics.
United Airlines employment has shrunk to 52,000 full-time- equivalent employees, down from about 54,000 a year earlier and 78,000 in 2002. Denver-based Frontier Airlines has about 5,000 full-time-equivalent employees, up from 4,000 a year earlier and 3,000 in 2002.
FARMINGTON, Mass.
Stores’ computers broken into, says TJX
TJX Cos., the owner of the T.J. Maxx and Marshalls discount chains, said the computers that handle customer transactions at a number of its chains were broken into.
TJX said it didn’t know the full extent of the damage caused by the “unauthorized intrusion,” including how many customers were affected. The retailer said it was cooperating with law enforcement authorities as well as with card issuers.
NEW YORK
Vornado group top bidder for Sam Zell’s
Vornado Realty Trust, Starwood Capital and Walton Street Capital have offered about $21.6 billion for Sam Zell’s Equity Office Properties Trust, topping a $20 billion bid from Blackstone Group LP.
The $52-a-share offer, worth $37.6 billion including debt, will be payable 60 percent in cash and 40 percent in Vornado shares and create the largest U.S. office real- estate investment trust, Vornado said Wednesday in a statement.
BOSTON
HP extends lead over Dell in PC market
Hewlett-Packard Co. extended its lead over Dell Inc. in the worldwide personal-computer market in the fourth quarter, according to a report Wednesday by a technology-research firm.
The analysis from Gartner Inc. showed that HP managed to outgrow the rest of the market.
