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Level 3 Communications (LVLT | Quote | Chart | News | PowerRating) closed down 5.5% at 2.95. The stock fell 2.2%, trading near 2.97, at the close of today's pre-market trading. Citi cut its rating on LVLT to Sell vs Hold this morning, according to Briefing.com.
In five analyst rating changes we've tracked in our database, including today, LVLT has each time seen its analyst-driven pre-market performance widen in the same direction in the following regular session.
6/30/08 Pre-Market: -2.2% near 2.97; 6/30/08 Regular Session: -5.5% at 2.95 - Citi cuts rating to Sell.
5/22/08 Pre-Market; +3.2% at 3.25; 5/22/08 Regular Session; +11.1% at 3.50 - Wachovia raised its rating to Market Perform vs Underperform.
3/12/08 Pre-Market: declines to 1.97; 3/12/08 Regular Session: -3.2% to 1.93 - Jefferies cuts rating to Hold vs Buy.
2/14/08 Pre-Market: -7.2%; 2/14/08 Regular Session: -7.6% to 2.69 - Morgan Stanley cut its rating to Underweight.
10/17/08 Pre-Market: drifted near unchanged; 10/17/08 Regular Session: -2.1% to 4.17 - Cohen cuts rating to Neutral.
Brooks McFeely is widely regarded as the leading expert on extended-hours trading. He is a Managing Partner for Brochet Capital Partners, LP and the founder of Midnight Trader, Inc. (www.midnighttrader.com), the leading provider of pre-market and after-hours trading analysis and news to retail and institutional investors.
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