Perhaps the prospect of Level 3 (NASDAQ: LVLT) COO Kevin O’Hara speaking at the Merrill Lynch Communications Services Forum next week drove investors out of the stock. Shares were at $2.50 two days ago and $2.06 today. No bottom for these shares. The have a 52-week high of $6.77.
While the company’s earnings were weak and Level 3 has high debt, all of that news is several days old. The selling of the stock has turned into something of a panic.
Wall St. has probably figured out that the people who run Level 3 are not going anywhere. The CEO and COO have been there for years. The debacle in earnings which has caused a debacle in the share price shows no sign of ending.
Level 3 has a weak board. None of the members have much to recommend them as big company directors. The head of the Nominating and Governance committee is a retired admiral James O. Ellis, Jr. He must have spent a lot of years steaming in circles and running over he own tow rope. Some on needs to get him a compass.
Douglas A. McIntyre
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