Level 3 Accidentally Posts a Profit

If, in your office pool, you had 23 straight quarters that Level 3 would post negative earnings, well, you are out of luck. After a mere 22 straight, Level 3 busted out of its slump to post a quarterly profit of $44 million. Telecom analysts think the gain came from spending cuts, but we think the CFO finally said screw it and just invested the entire marketing budget shorting financial stocks. Either way, Wall Street still wasn’t impressed. Level 3 shares dropped 15 percent on the profit news.

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