WorldCom (WCOM) was down 3.8% in preopen Island trading after Goldman Sachs downgraded the stock to market outperform from its recommended list. Goldman's price target is now $16 to $18.
The downgrade was part of a cautious note on the telecom sector as a whole, including ratings and estimates adjustments for more than a dozen companies. From the recommended list,
was cut to market perform,
was cut to market performer and
was cut to market outperformer. Level 3 was down 4.4%, Xo was unchanged and McLeod was down 3.9%.