Level 3 Down on Warning

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Level 3 (LVLT) was down 10% in preopen Island trading after the telecommunications and information services company lowered its 2001 EBITDA to $600 million from $700 million and said it would lose $7.25 a share for the year, before charges.

Level 3 also said it was cutting 1,400 jobs, or about 24% or its global workforce.

In an attempt to boost confidence in the stock, CEO James Q. Crowe published an open letter to shareholders, saying he was suspending a previously announced sale of his own shares "until further notice." The CEO said the other top level executives had also agreed not to sell their shares.