WorldCom (WCOM Quote - Cramer on WCOM - Stock Picks) was up 5% in preopen Island trading after the company said it would buy back $672 million in debt. The holders of the notes, due January 15, 2006, will receive 103.3%, the company said.
The long-distance and data services telecom also raised its revenue growth estimate to a range of 12% to 15%, from 11% to 14%, but lowered its cash EPS estimate for 2001 to between $1.05 and $1.10. The consensus estimate was $1.20, the company said.
The company has been restructuring its assets to cut costs, including separating its long-distance business from its
MCI Group (MCIT Quote - Cramer on MCIT - Stock Picks) data and Internet operations.
MCIT was unchanged.
TSC Staff
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