Level 3 Communications

(LVLT)

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.

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Volume in the stock was more than three times its daily average.