Level 3 Communications
was down 20% in late trading after hitting a 52-week low of $11.19, vs. a 52-week high of $104.
The high-speed communications services provider this afternoon announced that it would cut 326 jobs, or 6% of its workforce. Level 3 said employment may grow this year, but hiring will be focused on sales and key network operations.
Volume in the stock was more than three times its daily average.