Updated from 4:41 p.m. EDT

Shares of Level 3 Communications ( LVLT) sank 31 cents, or 14.2%, to $1.87 after company president and Chief Operating Officer Kevin O'Hara stepped down, effective immediately. Level 3 also terminated its previously disclosed search for a new CFO, saying incumbent Sunit Patel will continue in the role.

Shares of VMware ( VMW) declined $3.94, or 7.7%, to $47.51, hitting a new 52-week low.

The stock is down nearly 40% since Jan. 28, when the company forecast growth of 50% for 2008, down from a 85% growth rate in 2007.

VMware has been battling increased competition from companies such as Microsoft ( MSFT) and Citrix ( CTXS).

Shares of the Boston-based economic, financial and management consulting company CRA International ( CRAI) plummeted 40% on Friday evening's first-quarter earnings forecast. CRA expects earnings per share between 26 cents and 28 cents on revenue of $86 million. Analysts polled by Thomson Financial are looking for 58 cents a share on revenue of $92.5 million. This morning, Stifel Nicolaus downgraded the stock to hold from buy.

Houston, Texas' ExpressJet ( XJT), which operates as the Continental Express airline, saw shares tumble 15.3% to $1.89 on fourth-quarter earnings. Excluding charges, the company reported a loss of $27.6 million, or 52 cents a share, vs. a profit of $22.8 million, or 39 cents a share, in 2006. The Street was looking for a loss of 30 cents a share.

Google ( GOOG) fell $19.73, or 4.6%, to $413.62, hitting a new 52-week low.

Other winners and losers also included Alesco ( AFN)AFN (+16.8%), Art Tech Group ( ARTG)ARTG (+13.5%) and Thornburg Mortgage ( TMA) (-60.3%).

This article was written by a staff member of TheStreet.com.

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