Level 3 Communications (NYSE:LVLT, news, filings) is at a critical phase in its integration of the Global Crossing business, but one for which it won’t get much credit yet when it comes to reporting earnings this week. It’s sort of like being 1/4 of the way done cleaning out the garage – the mess can actually appear worse to an observer even if things are going exceptionally well. With unfavorable seasonal factors in both cash usage and revenue growth, higher integration spending prior to the synergies to be derived from it, and impatience from a market whose short term horizon is as short as ever, this is a “can’t please anyone” quarter if there ever was one. Here are my guesses and some more specific thoughts: [Read more →]