qwest communications

A federal judge in Denver has approved a settlement of a class-action lawsuit by shareholders who challenged the proposed merger of CenturyLink Inc. and Qwest Communications International Inc.

The Securities and Exchange Commission has reached a settlement with former Qwest Communications International Inc. Joseph Nacchio in a civil lawsuit against him.

This report is an intraday check of some of the more notable stocks that have hit a 52-week high or low so far today. 52-Week High:

• Qwest Communications (NYSE: Q) high of $5.77.
  
  No real news today other than overall economic data. Shares have been bumping against a $5.70 level through the month of August, and finally has some solid momentum to break through the level today.
  
  Shares are up 2.3% on the session.
• Sonus Networks, Inc. (Nasdaq: SONS) high of $3.39.

Former Qwest Communications International Inc. CEO Joseph Nacchio plans to appeal his new sentence for insider trading.

CenturyTel is buying Qwest Communications in a stock swap worth $10.6 billion, creating a telecommunications giant serving customers in 37 states.

UPGRADES Citigroup upgrades Alcoa (NYSE: AA) from Hold to Buy while maintaining a $17 price target.

Piper Jaffray upgrades Qwest Communications (NYSE: Q) from Neutral to Overweight. Price target increased from $4 to $5.50. Click Here for more color.

Bank of America Merrill Lynch upgrades American Express (NYSE: AXP) to Buy with a $44 price target.

Qwest Communications International Inc. said Friday that it began an offer by its Qwest Corp. subsidiary to exchange privately placed outstanding 8.375 percent notes due in 2016 for newly registered 8.375 percent notes also due that year.

Qwest Communications will no longer give its five top executives tens of thousands of dollars a year to pay for expenses like club memberships.

Qwest Communications International Inc. is scheduled to report second-quarter financial results on Wednesday.

The following is a summary of key developments and analyst opinion related to the period.