This column was originally published on RealMoney on Feb. 9 at 10:37 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

Sometimes you get a stock that runs so much that people sell it

even if

they know the story is good. Other times, people sell it without even bothering to find out if the story is still good.

That's how I felt about the darned

Level 3

(LVLT)

earnings conference call Thursday. Level 3 had a very good quarter with lots of good things happening, including lots of solid integration of disparate deals put together to extend the terrific franchise that is going to be THE on-line video company.

Of course, the losses are substantial. No kidding. That was forecast. But what's missing is that the interest rate environment is so good that Level 3 can refinance almost everything that it can and fix this balance sheet in a form that will change everything for the better.

The deals this company made have turned it into a telephone powerhouse that will generate giant cash flow. I don't think it will have to lay out a lot of capital because most of the properties it has are fresh.

I'd use this dip to get in. This is the kind of story that's not stopping here, even as traders and less knowledgeable people bolted before the darned conference call!

Random musings:

College students, listen up!

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At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for

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