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Neutral Tandem Shares Rise After Upgrade

Power said that the recent sell-off in Neutral Tandem's shares was overdone.

Concerns about a rumored joint venture between telecommunications company Sprint Nextel Corp. and Neutral Tandem's competitor Level 3 Communications Inc. are "misplaced," Power said, and recent stock selling by company executives is a "continuation of long-running trends."

In the past, Level 3 and Neutral Tandem were involved in a regulatory dispute having to do with the extent to which the two companies would be interconnected. The issue was settled in June 2008, according to the company's annual report.

Sprint is Neutral Tandem's biggest customer, said company spokesman Gerard Laurain.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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