Short Take: Level 3 reports second-quarter loss

Level 3 Communications, a fiber optic telecommunications carrier, reported a second quarter net loss of $44 million, or 13 cents a share, on revenue of $106 million. Excluding gains from the sale of assets, Level 3's loss was $127 million, or 37 cents a share. A year ago the company posted a net loss of $34 million, or 11 cents a share, on revenue of $103 million. Wall Street expected Level 3 to lose 42 cents per share, according to First Call.