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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	4/18/2001 10:51:10 AM
From: Teri Garner	Read Replies (1) of 37746

10:49 ET Level 3 Comms (LVLT) 12 -2.9 (-19.5%): -- Update -- Morgan Stanley notes that company's EBITDA forecast was not revised downward, despite the lower revenue forecasts; does not think that this is realistic as a good portion of LVLT's business is predicated on economies of scale. 10:46 ET Level 3 Comms (LVLT) 11.99 -2.91 (-19.5%): -- Update -- Morgan Stanley downgrades to UNDERPERFORM from OUTPERFORM; believes that estimates by the company are still too high, and numbers will come down again in Q2-Q3; firm also has significant concerns over LVLT's balance sheet; with $500-$600 mln of cash to come off balance sheet in 2001-02 (as company pays creditors), LVLT does not appear fully funded.

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