Short Takes


Level 3 Communications announced last week that it will spend about $1 billion on a network to link Hong Kong and Tokyo. The company, which has become a benchmark for the high yield market, is said to have about $5 billion in cash...

Ocean Energy Inc. agreed last week to sell its stake in oil and gas properties in the Gulf of Mexico for $86 million. The buyer was Energy Partners Ltd. Ocean Energy said it wanted to focus more on other business prospects...

AK Steel Holding saw its shares fall last week about 24% after it announced costs will increase this year by 2.5% because of higher prices on its raw materials.