Business

Will Qwest stock take a hit due to failure to sell long-distance service?

Qwest has been hoping to peddle its long-distance network in exchange for somewhere between $2 and $3 billion. But according to the Wall Street Journal, the asset prompted offers well below that range, with some at prominent digit shy of what the operation wanted. Hence, Qwest is keeping the network...
By Michael RobertsJune 8, 2009
Carbonatix Pre-Player Loader

Audio By Carbonatix

Keep Westword Free

We’re aiming to raise $20,000 by April 26. Your support ensures Westword can continue watching out for you and our community. No paywall. Always accessible. Daily online and weekly in print.

SUPPORT US TODAY
$20,000

Qwest has been hoping to peddle its long-distance network in exchange for somewhere between $2 and $3 billion. But according to the Wall Street Journal, the asset prompted offers well below that range, with some at prominent digit shy of what the operation wanted. Hence, Qwest is keeping the network for now amid predictions that the company will probably take a hit because of the bidding war that wasn’t. The Journal quotes D.A. Davidson & Co. analyst Donna Jaegers, who says “stocks typically deflate when a company holds an auction for assets but fails to find a buyer.”

That wouldn’t be good news for investors in any economy. In this one, it’s even worse.

No one covers Denver like we do.

If you value independent journalism, please consider making a contribution to support our continued coverage of essential stories and to investigate issues that matter.

Support Us Today

GET MORE COVERAGE LIKE THIS

Sign up for the News newsletter to get the latest stories delivered to your inbox

Michael Roberts began his career with Westword in 1990 as music editor. In 1999, he took on a new role, full-time media reporter, as author of a column called The Message. In 2008, he became the lead writer for Westword‘s news blog, The Latest Word, a position he held until January 2023. Michael continues to freelance for Westword, covering everything from business to sports and the media; he also contributes to Jazziz, a national music magazine. He holds a bachelor’s degree from what is now Colorado Mesa University and master’s degrees from the University of California, Los Angeles, and Northwestern University.

michaelrobertscolo@gmail.com

Loading latest posts...