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

Reader support matters more than ever

We're in the final stretch of our summer campaign. Our goal is to raise $25,000 by August 9 to support the journalism our community relies on. Reader support is helping shape the future of local news.

SUPPORT US TODAY
$25,000

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.

GET MORE COVERAGE LIKE THIS

Sign up for the This Week’s Top Stories newsletter to get the latest stories delivered to your inbox

Notice of Collection | Terms | Privacy

Independent News in Denver Needs You

The article you just read is made possible by a mix of advertising, sponsorships and reader support. As advertising revenue continues to shift, reader support plays a vital role in sustaining the reporting, investigations, restaurant and arts coverage, and storytelling our community relies on. Become a member today and help keep our journalism free and independent.

Select how much you'd like to contribute

/month
Support Us Today

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...