Teligent

(TGNT)

was down 13.1% in late trading after

Merrill Lynch

downgraded it for the second time today. Merrill cut Teligent to intermediate- and long-term reduce after downgrading it to intermediate- and long-term neutral earlier in the day. The brokerage said it had concerns about Teligent's funding. Late Wednesday, the telecommunications company reported a third-quarter loss of $2.90 a share, beating the Street's estimate of a $2.99 loss but wider than the year-ago loss of $2.66. The results exclude a $60.7 million charge for the company's investment in beleaguered

ICG Communications

(ICGX)

.