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Telecom & Wireless

Level 3 (LVLT) Near $2

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By Douglas A. McIntyre Published
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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

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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