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BROOMFIELD, Colo.—Shares of Level 3 Communications have dropped again one day after the Internet-service wholesaler reported a deeper net loss in the third quarter.
The Broomfield-based company also lowered its guidance Tuesday for the full year and for 2008.
Level 3 blames challenges it faces in blending complex operations of at least six businesses it has acquired recently. The company has promised to correct the situation as quickly as possible.
Level 3 stock hit a 52-week low on Tuesday as it plummeted 24 percent. In early Wednesday trading, shares were down 7 percent to $3.04. That compares to a range from $3.28 a share to $6.80 a share in the past year.
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