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Technology Stocks : (LVLT) - Level 3 Communications

LVLT 53.63

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Nov 1 5:00 PM EST

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To: Charles W. Breaux, Jr. who wrote (3394)	2/4/2003 6:27:18 PM
From: Glenn Petersen	Read Replies (1) of 3873

From the current issue of Forbes: forbes.com Broadband Bet Emily Lambert, 02.17.03 Investing in a humbled Internet highflier like Level 3 Communications (nasdaq: LVLT - news - people ) (5) may sound nuts. But Warren Buffett sees Level 3 as a winner once tech revives. Last summer he led a $500 million infusion of capital into the company. Consolidation is coming in the broadband arena, and Level 3 is making cheap acquisitions to position itself for better times. It is buying fellow network owner Genuity (otc: GENUQ - news - people ) out of Chapter 11. And although Level 3 burned through $13 billion to build its 20,000-mile fiber-optic network, heavy capital spending is over. Andrew Schroepfer, president of Tier 1 Research, expects the company to get by for the next two years on its $1 billion in cash. After all, it does retain blue-chip clients like AOL Time Warner and Microsoft. With some luck it will see a rise in outsourcing and inherit customers from some of its own clients, like WorldCom, as their contracts expire. Wrapping up its fourth unprofitable year and way down from its $130 high in 2000, this company is cheap, if risky.

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