Tuesday's Winners & Losers: Level 3 Communications

Level 3 Communications(LVLT Quote) was up 21 cents, or 6.2%, to $3.67. An analyst at UBS raised the 12-month price target on the stock to $3.75 from $3 and maintained a neutral rating on the stock.

Shares of Infineon Technologies(IFX Quote) gained 50 cents, or 5.7%, to $9.32 after the company's new Chief Executive Peter Bauer tried to reassure investors by offering a fresh strategy to increase profitability.

Infineon said it will target savings of up to "triple-digit million" euros through a restructuring program, divest a majority of its shares in ailing chip maker Qimonda(QI Quote), and improve profitability in its core businesses by outsourcing more manufacturing.

GPS-based navigation systems maker Garmin(GRMN Quote) was up $2.43, or 4.8%, to $53 on speculation that Apple(AAPL Quote) could partner with the company to offer GPS services in its upcoming 3G version of its iPhone.

On the losing side, Boulder, Colo.-based New Frontier (NOOF Quote), which produces adult-themed and general motion picture entertainment, fell 29% to $3.70. The company reported fourth-quarter fiscal 2008 earnings of $1.9 million, or 8 cents a share, vs. $1.7 million, or 7 cents a share, a year ago. Analysts surveyed by Thomson Reuters were expecting EPS of 9 cents. The company also announced it would suspend indefinitely its quarterly dividend.

Mitcham Industries (MIND Quote), which provides equipment leasing, sales and services to the seismic industry, tumbled 14% to $18.87. The Huntsville, Texas, company posted fiscal 2009 first-quarter income of $4.3 million, or 41 cents a share, compared with $3.9 million, or 39 cents a share, a year ago. Analysts were expecting 40 cents a share, but revenue of $18.5 million lagged the consensus estimate of $19.5 million.