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WorldCom

(WCOM)

was down 15% in preopen

Island

TheStreet Recommends

trading after cutting its revenue and earnings forecasts and saying it would create two tracking stocks.

WorldCom will represent the company's Internet and data businesses, and

MCI

, its voice and consumer business. WorldCom said fourth-quarter earnings per share would be in the 34- to 37-cent range. The Street currently expects about 58 cents. The company also lowered its 2001 outlook.