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Updated from 12:52 p.m. EDT
Shares of telecom firm Qwest(Q Quote) plunged Monday after the carrier ditched its plans to sell its long-distance network.
The Denver, Colo.-based firm had been looking for bidders for its national fiber-optic network business, part of a long-term strategy to rein in costs and reduce debt.
The news pushed Qwest's shares down Monday as investors digested the news. Qwest's shares fell 24 cents, or 5.8%, to $3.93, outpacing the broader decline in tech stocks that saw the Nasdaq slip 0.4%. ...
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