Qwest Down as it Rebuts Report - TheStreet

Qwest (Q) was down 6.2% in midafternoon after it labeled a research report by Morgan Stanley Dean Witter "inaccurate and misleading." In a report this morning, Morgan downgraded Qwest to neutral from outperform and questioned the company's accounting procedures related to its acquisition of U S West.

The voice and data services company reaffirmed its expectations for 15% revenue growth and 20% earnings growth each year through 2005. Qwest said the items cited in the Morgan Stanley report have no impact on revenue or EBITDA.