Telecommunications company McLeodUSA (MCLD) was down 26.2% in early afternoon after it lowered estimates of revenue for 2001 to a range of $1.95 to $2 billion, vs. analysts' expectations of $2.09 billion. The company cited a slowing economy and said it cut capital spending for 2001 to $750 million from $1 billion.

McLeodUSA late Wednesday posted a first-quarter loss of 31 cents a share, in line with analysts' estimates and wider than the 15-cent loss a year ago.

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