Not to be confused with L-3 Communications.

Level 3 Communications, Inc.

Traded as NYSE: LVLT

Industry Telecom

Fate : Acquired by CenturyLink

Founded 1985

Headquarters Broomfield, Colorado, United States

Key people

James O. Ellis Jr. (Chairman)

Jeff Storey (CEO)

Sunit Patel (CFO)

Products

Mobile telephony, Internet services, Content delivery

Revenue US$ 8.3 billion (2015)[1]

Operating income US$ 1.3 billion (2015)[1]

Net income US$3.4 billion (2015)[1]

Total assets US$24.1 billion (2015)[2]

Total equity US$10.1 billion (2015)[3]

Number of employees 13,500

Parent CenturyLink

Level 3 Communications was an American multinational telecommunications and Internet service provider company headquartered in Broomfield, Colorado. It ultimately became a part of CenturyLink, where Level 3 President and CEO Jeff Storey was installed as Chief Operating Officer, becoming CEO of CenturyLink one year later in a prearranged succession plan.

Level 3 operated a Tier 1 network.[4] The company provided core transport, IP, voice, video, and content delivery for medium-to-large Internet carriers in North America, Latin America, Europe, and selected cities in Asia.[5] Level 3 was also the largest competitive local exchange carrier (CLEC) and the 3rd largest provider of fiber-optic internet access (based on coverage) in the United States.

On October 31, 2016, CenturyLink announced an agreement to acquire Level 3 Communications in a cash and stock transaction.[6] Level 3 became part of CenturyLink on November 1, 2017.

History

1985 to 2000

In 1985, Kiewit Corporation created a subsidiary named Kiewit Diversified Group to manage the corporation's business that was not related to construction. The division was spun off as a separate entity and changed its name to Level 3 Communications in 1998 to signify an increased focus on communication services. That same year saw it make an IPO on NASDAQ. According to Level3's own history, it continued to build its telecommunications network after going public.

2001 to 2010

According to Level 3's own history, in 2003, the company acquired Genuity, and, between 2005 and 2007, it purchased several other companies including former rivals WilTel Communications, Broadwing Corporation, Looking Glass Networks, Progress Telecom, and Telcove (formerly Adelphia Business Solutions).[7] In 2004, Level 3 acquired ICG Communications' wholesale dial-up business for $35 million. Then, in 2006, Level 3 purchased the rest of ICG Communications for $163 million, taking over ICG's fiber network and nationwide Points of Presence (PoPs). It then integrated these companies through 2010.

2010 to present

On April 11, 2011, Level 3 announced a tender offer had been made to acquire fellow Tier 1 provider Global Crossing[8] in an all-stock transaction,[9] which was approved by shareholders on August 5,[10] and completed on October 4, 2011. On October 20, 2011, Level 3 Communications reduced its total shares and transferred its stock listing from NASDAQ to the larger New York Stock Exchange.[11]

On May 14, 2012, Level 3 was contracted by European content provider Voxility to provide 250 Gbit/s or more to Voxility's three main data centers in North America and Europe.[12] On May 7, 2012, Level 3 was contracted by the U.S. Department of Defense's Defense Information Systems Agency to provide fiber-cable operations and maintenance, and IP-based infrastructure under a ten-year, indefinite contract with a maximum value of approximately $411 million.[13]

On June 16, 2014, Level 3 acquired TW Telecom, a business Internet connection provider, for about $5.7 billion.[14]

In July 2015, Level 3 acquired Black Lotus, a provider of protection against distributed denial of service (DDoS).[15]

On October 31, 2016, [CenturyLink, Incorporated, known as of Sep 2020 as Lumen Technologies, Incorporated,] announced its intent to acquire Level 3 in a deal valued at around $34 billion.

On October 3, 2017, the deal was approved by the United States Department of Justice on condition of selling some of Level 3's telecom holdings in three states.[17] The deal officially closed and Level 3 became part of CenturyLink on November 1, 2017.

On November 1, 2017, Level 3 Communications officially merged with [CenturyLink, Incorporated , known as of Sep 2020 as Lumen Technologies, Incorporated]. As part of the merger, work was required to divest of 24 individual fiber optic lines spanning 30 city pairs as required by the US Department of Justice. Additionally, Level 3 was required to divest of metro Ethernet markets in Boise, Tucson, and Albuquerque to satisfy antitrust requirements. The company complied with the divestiture of those assets.

Operations

Network

Level 3 Communications satellite dish on one of its two ground stations located in Boise, Idaho

Level 3 Communications operated a large network Internet, with infrastructure in 46 states in the continental United States,[20][21] South America, Western Europe,[4][22] and some cities in Asia. It uses transatlantic cables,[23] including "Yellow" /AC-2 (on which it owned two of the four fiber pairs after Viatel's 2001 bankruptcy).[24] Level 3 Communications has also purchased 300 Gbit/s of capacity on the Apollo (cable system).[25]

At the time of acquisition by CenturyLink, it was owner of AS1[26] (following the acquisition of Genuity, from BBN Technologies), but it used AS3356 for operations. AS3356 as of 2007 consistently had one of the highest ranked connectivity degrees on the Internet.[27][28] It also operated the former Global Crossing network (AS3549) following the company acquisition in 2011.

Level 3 Communications delivered Netflix and Apple music and video content over the Internet.[29] The company ran a content delivery network which it acquired from Savvis in 2006.[30]

In 2006, Level 3 Communications announced with Internet2, an academic network, that they would deploy a next generation nationwide research network.[31]

Sales organization

Level 3 distributed and sold its services through a mix of six independent sales channels: large enterprise, wholesale, federal, content and media, midmarket, and indirect. All six sales channels reported to the president of sales Andrew Crouch.[32] The top performing Level 3 indirect sales agencies in 2010 included Intelisys, Microcorp, CDW/AVANT Communications, PlanetOne, Advantage Communications Group, Telarus, and Presidio.[33]

Comcast dispute

On November 11, 2010 a dispute arose between Level 3 and Comcast, when Level 3 announced that they were "selected to serve as a primary content delivery network (CDN) provider for Netflix, Inc. to support the company's streaming functionality."[34] Apparently, as a result of this distribution agreement, Comcast sought to renegotiate the peering agreement with Level 3 and sought a recurring fee for carrying the increased Level 3 internet traffic to and from Comcast broadband customers. Claims[35] and counter-claims[36] were made as the two companies sought to renegotiate the contract. In December 2010, the New America Foundation submitted information concerning the dispute to the FCC.[37]

On July 16, 2013, Level 3 Communications and Comcast seemingly ended their three-year dispute by issuing a statement that "Level 3 and Comcast have resolved their prior interconnect dispute on mutually satisfactory terms. Details will not be released."[38] On May 21, 2015, Level 3 and Comcast announced a new multi-year bilateral agreement to "enhance their existing network capacity while extending their mutual interconnection agreements, ensuring that both maintain ample capacity to exchange Internet traffic between their networks."[39][40]

Other disputes

In July 2013, the NSA was accused of wiretapping large parts of data on the German Internet Exchange Point DE-CIX which was denied by Level 3,[41] and a few months later, was accused of tapping connections between Google and Yahoo data centers.[42]

See also

• Colorado portal

• Companies portal

• List of United States telephone companies

Adding to the growing list of companies that are building new national communications networks, Peter Kiewit Sons Inc. has said that it intends to spend up to $3 billion over the next three years to build a 20,000-mile web of fiber optic cable.

The system, which the company wants to complete by 2001, would be the first national fiber optic network based on Internet technology rather than on standard telephone technology. If the Internet technology works as predicted, it could allow Kiewit to charge prices for voice and data communications much lower than those of its competitors while maintaining healthy profit margins.

Kiewit plans to sell access to its network only to business customers. Most of those would be small and medium-sized companies, but some could be upstart long-distance carriers that would resell time on the Kiewit network to consumers.

On Monday, the Kiewit subsidiary that intends to build the network, [Kiewit Diversified Group], announced that it had changed its name to Level 3 Communications Inc. Level 3 is led by a team of executives who used to run the [MFS Communications Company, Incorporated], the alternate local telephone carrier acquired in 1996 by Worldcom Inc. for $14 billion.

The move by Kiewit, a private company based in Omaha that has its primary operations in construction and mining, brings to four the number of companies building new national communications networks. Kiewit joins IXC Communications, the Williams Companies and the Qwest Communications subsidiary of the Anschutz Corporation. Established long-distance carriers like the AT&T Corporation also spend billions each year upgrading their systems.

But Level 3's network would differ from the others in its reliance on Internet Protocol, or I.P., technology. I.P. can allow networks to be used more efficiently but can also be less reliable than traditional networks. Traditional networks generally allow voice and data messages to be transmitted in one continuous chunk. I.P. networks break messages into small packets that are each sent independently to their destination.

''I.P. is ready for prime time,'' said [James Quell Crowe (born 1949)], Level 3's chief executive, who was MFS's chairman. He said, however: ''With today's technology, I.P. is fine for anything that's not timing-sensitive, like data or fax. Anything that's timing-sensitive, primarily voice and video, isn't handled very well.''

But Mr. Crowe said that advances in the technology over the next few years would allow Level 3 to offer voice quality equal to that of more traditional systems.

Mr. Crowe said that Level 3 had about $2 billion in cash but that it was confident it could raise the remainder necessary to complete its network.

Internet backbone provider [Level 3 Communications, Incorporated] has agreed to acquire the bulk of the assets of network provider Genuity [(Genuity Incorporated (2000))], which has filed for bankruptcy, the companies announced Wednesday.

Level 3 will pay as much as $242 million in cash and assume a significant portion of Genuity's long-term operating agreements, according to a statement from the companies. The deal must be approved by regulatory agencies and a bankruptcy court and is expected to close in the first quarter of 2003.

Also Wednesday, Genuity [(Genuity Incorporated (2000))] filed voluntary petitions for reorganization under Chapter 11 of the U.S. bankruptcy code, the statement said. The cash on Genuity's balance sheet, together with Level 3's cash payment, will be distributed to creditors of Genuity.

Based in Woburn, Mass., Genuity [(Genuity Incorporated (2000))] was spun out of U.S. telecommunications carrier [Verizon Communications Incorporated] according to the terms of the merger of Bell Atlantic and [GTE Corporation] that created Verizon in 2000. More recently, the company has been suffering financially amid a glut of capacity on backbone networks. In May, Genuity announced that it would cut as much as 30 percent of its workforce, or 1,200 jobs.

[Level 3 Communications, Incorporated], in Broomfield, Colorado, will acquire Genuity's network transport business as well as its dedicated and dial-up Internet access operations. It also will take over Genuity's managed services business, which it will combine with its iStructure subsidiary but continue to operate under the Genuity brand.

Genuity's biggest customers are Verizon and AOL, according to the statement. Verizon has executed a new multi-year contract to buy wholesale dial-up, transport and other services from Level 3, which should take effect when the acquisition closes.

[Level 3 Communications, Incorporated] and Genuity Inc. [(Genuity Incorporated (2000))] announced today that they have signed a definitive agreement under which Level 3 will acquire substantially all of the assets of the Massachusetts-based communications company.

[Level 3 Communications, Incorporated] will pay up to $242 million in cash and assume a significant portion of existing long-term operating agreements to acquire Genuity's assets and operations. To facilitate the transaction, Genuity [(Genuity Incorporated (2000))] today is filing voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. Level 3's cash consideration at closing could be reduced subject to certain material adjustments.

Closing is expected to occur during the first quarter of 2003. The transaction is subject to approval by the bankruptcy court and certain government regulatory agencies.

"This transaction represents the best outcome for the key constituencies of both Genuity and Level 3," contends Paul R. Gudonis, chairman and chief executive officer of Genuity. "Both companies, as well as Genuity's largest customers and creditors, have signed agreements supporting the transaction."

"There is a unique and compelling fit between Genuity and Level 3," adds [James Quell Crowe (born 1949)], Level 3's chief executive officer. "The transaction combines the assets and operations of Genuity, the company that helped invent the Internet, with Level 3, the company that built the first network fully optimized for Internet Protocol-based communications. Both companies are experienced providers of optical and IP-based services, and both are Tier 1 Internet backbone providers with industry-leading quality of service. Genuity's transport and dedicated and dial-up Internet access business--more than 80 percent of revenue--is complementary to Level 3's transport, managed modem and IP services business."

Based in Woburn, MA, Genuity [(Genuity Incorporated (2000))] operates an international IP network. The company provides dial-up and dedicated Internet access, transport, managed security and VPN, hosting and other services to communications companies, enterprises and government agencies. Its largest customers are Verizon Communications and America Online, which accounted for greater than 60 percent of its $223 million in revenue for the third quarter of 2002.

All but one of Genuity's banks have signed an agreement in support of the transaction. Verizon has executed a new multi-year contract to purchase wholesale dial-up, IP, transport and other services from Level 3, to take effect when the transaction closes. America Online has signed an agreement consenting to the transaction that contemplates [Level 3 Communications, Incorporated] acquiring America Online's network services agreement with Genuity. In addition, Allegiance Telecom Inc., Genuity's largest network supplier, supports the transaction.

As part of this transaction, Level 3 is also acquiring Genuity's managed services business and its associated enterprise customers and product set. "We recognize the importance of these customers and are committed to ensuring they receive the highest quality service without disruption," asserts Kevin O'Hara, president and chief operating officer of Level 3. "As a result, we plan to combine these operations with those of our (i)Structure subsidiary in order to focus on the needs of those customers. That new managed services operating company will do business under the name 'Genuity,' a recognized leader in that market." [...]

BROOMFIELD, Colo., Aug. 19 /PRNewswire-FirstCall/ -- [Level 3 Communications, Incorporated] announced today that it has signed a definitive agreement to sell the Midwest Fiber Optic Network (MFON), a regional communications system it acquired through its recent transaction with Genuity [(Genuity Incorporated (2000))].

CenturyTel (NYSE: CTL) will purchase the stand-alone system, which serves as a regional backbone for a number of carriers, including CenturyTel itself, in Arkansas, Missouri and Illinois. The purchase price is approximately $17 million in cash, subject to adjustments including date of closure and system revenue at time of close. Closing is subject to regulatory approvals and customary conditions.

"This is a non-core asset for Level 3," said Sunit Patel, Level 3's chief financial officer. "While MFON currently generates approximately $1.5 million a month in revenue, the geography and architecture of the system do not offer us a practical or cost-effective way to integrate its operations into the Level 3 network. As such, we believe it makes sense to sell this business and continue to focus on the integration of the core assets, customers and traffic from the Genuity transaction."

Closing is expected to occur by the end of the fourth quarter of 2003.

Daniels & Associates, the Denver-based media and telecommunications mergers and acquisitions specialist, served as financial advisor to Level 3 on this transaction.

• About Level 3 Communications : Level 3 (Nasdaq: LVLT) is an international communications and information services company. The company operates one of the largest Internet backbones in the world, is one of the largest providers of wholesale dial-up service to ISPs in North America and is the primary provider of Internet connectivity for millions of broadband subscribers, through its cable and DSL partners. The company offers a wide range of communications services over its 22,500-mile broadband fiber optic network including Internet Protocol (IP) services, broadband transport, colocation services, and patented Softswitch-based managed modem and voice services. Its Web address is www.Level3.com. The company offers information services through its subsidiaries, (i)Structure and Software Spectrum. For additional information, visit their respective web sites at www.softwarespectrum.com, and www.i-structure.com.

• About CenturyTel : CenturyTel, Inc. provides communications services including local, long distance, Internet access and data services to more than 3 million customers in 22 states. The company, headquartered in Monroe, Louisiana, is publicly traded on the New York Stock Exchange under the symbol CTL, and is included in the S&P 500 Index. CenturyTel is the 8th largest local exchange telephone company, based on access lines, in the United States. Visit CenturyTel at www.centurytel.com.

[Level 3 Communications, Incorporated] today welcomed President Obama’s announcement of his intent to appoint James Q. Crowe, the company’s chief executive officer, to the position of Chair of the National Security Telecommunications Advisory Committee (NSTAC).

“The public/private partnership of the NSTAC has resulted in unique contributions to critical infrastructure protection, information sharing, network convergence, security and communications infrastructure reliability across the nation.”

As chairman, Crowe will preside over a 30-member committee that comprises industry executives from major network service providers, IT, finance and aerospace companies. The NSTAC provides critical industry-based analyses and advice to the President on policy and technical issues regarding national security and emergency preparedness communications. The committee also develops recommendations to the President to assure vital telecommunications links through any event or crisis.

“I am honored by the opportunity to chair this important committee,” said Crowe. “The public/private partnership of the NSTAC has resulted in unique contributions to critical infrastructure protection, information sharing, network convergence, security and communications infrastructure reliability across the nation.” [...]

[James Quell Crowe (born 1949)], who led the development of Level 3 Communications from its Omaha origins, announced Thursday he plans to retire by the end of 2013 from his position as the Broomfield, Colo., firm's chief executive officer.

The board of directors, led by chairman [Walter Scott Jr. (born 1931)], has formed a committee to select a new CEO. Crowe will remain on the board.

Crowe led [MFS Communications Company, Incorporated] in Omaha when it was a subsidiary of Peter Kiewit Sons' Inc. under Scott and after it was spun off in 1995. It was sold in 1996, and Crowe returned to Kiewit to head the [Kiewit Diversified Group], which was founded in 1985 to hold Kiewit's nonconstruction assets.

A year later, he announced that Diversified Group would move its headquarters out of Omaha and start an Internet-related telecommunications business in a city where it would have an easier time attracting high-tech workers. It was discouraging news to the Omaha business community at a time when the Peter Kiewit Institute was in its infancy.

In 1998, [Kiewit Diversified Group] changed its name to Level 3 Communications Inc. and started trading on the NASDAQ exchange, drawing heavy investment from the Omaha area.

Today the firm provides data, Internet, voice, video, security, IT and managed services. It has service in more than 70 countries and more than 100,000 “route miles” of fiber optic cable.

“Level 3,” Crowe said, “is extraordinarily well-positioned to benefit from the worldwide explosion of voice, data and video carried over the Internet.”

In February, it reported year-end revenue of $6.38 billion, up from $6.32 billion in 2011. Level 3 in 2012 had a net loss of $422 million, compared with losses of $875 million the year before.

[Walter Scott Jr. (born 1931)] thanked Crowe for his leadership and for all that he has done to build Level 3. “It is no exaggeration to say that, without Jim, there would be no Level 3.”

Level 3 Communications, Inc. provides a range of integrated communications services, non-switched and local-access telecommunications services. It provides IP-based communications services to enterprise, content, government and wholesale customers. The company delivers integrated IP solutions, including converged, data, voice, video and managed solutions to help enable customer’s growth and efficiency. It operates through the two segments include: Level 3 and Global Crossing. The Level 3 segment offers services, include core network to transport, infrastructure, data, local and enterprise voice services, wholesale voice to domestic voice termination, international voice termination and toll free services and other communications services. The Global Crossing segment offers services include invest and grow through other carriers, sales agents and system integrators to transport, infrastructure, IP and data, voice and collaboration services to carrier and enterprise customers, Voice Services and Other services. Its content distribution products and services comprise content delivery network, media delivery services and fiber optic and satellite video transport services. Level 3 Communications was founded in 1985 and is headquartered in Broomfield, CO.“

History - Stronger Connections around the Globe

From its beginning, Level 3 Communications was founded on the principles of the Silicon Economics^sm cycle: create a global telecommunications network with the scale to reduce unit costs, stimulate demand with these lower costs, support that demand by scaling even more. Level 3 created a network that serves as a foundation for the communications services of the 21st century by providing, among other things, information transmission over a fiber optic network and media delivery over a content delivery network. And we’ve grown to support the end-to-end communications services that businesses and carriers rely on.

Level 3 was originally founded in 1985 as Kiewit Diversified Group Inc. (KDG), a wholly-owned subsidiary of Peter Kiewit Sons’, Inc. (PKS). Peter Kiewit Sons’, Inc. is a 114-year-old construction, mining, information services and communications company headquartered in Omaha, Neb. KDG was originally created to hold PKS’ non-construction business assets.

In early 1998, KDG announced it was changing its name to Level 3 Communications, Inc., after substantially increasing the emphasis it placed on and the resources devoted to its communications and information services business. On April 1, 1998, Level 3 common stock started trading on the NASDAQ Stock Market under the symbol LVLT.

During 1998, Level 3 raised $14 billion and was called the “best funded start-up in history.” The company constructed 19,600 route miles, and built the world’s first continuously upgradeable network fully optimized for internet protocol (IP). Over the next few years, explosive demand for bandwidth fueled growth in sales. By the end of 2000, Level 3 provided service to 2,700 customers.

Level 3 continued investments in infrastructure to become a world-class communications provider, and won the trust of the world’s most sophisticated communications companies. In addition to ongoing construction, the company expanded its assets with the February 2003 acquisition of Genuity. Over the next few years, and through a major industry downturn, Level 3 pursued a strategy that focused on both the balance sheet and investing for the inevitable industry rebound. Level 3 won the confidence of investors, as the company raised more money than all other NexGen carriers combined; and also of customers, who made Level 3 one of the world’s top three Internet traffic carriers.

Beginning with the late-2005 acquisition of WilTel, Level 3 has established itself as a natural industry consolidator. During 2006, the company went on to acquire Progress Telecom, ICG, TelCove and Looking Glass Networks. In 2007, Level 3 acquired Broadwing, the Content Delivery Network (CDN) services business of SAVVIS, Inc. and Servecast.

In the fall of 2011, Level 3 and Global Crossing joined forces. The new integrated network united Level 3’s broad, deep U.S. and European footprint with Global Crossing’s extensive international, intercity network. Continuing to operate under the name of Level 3, this new kind of company featured more than 500 global markets in North America, EMEA, Latin America and Asia, as well as a total of ~100,000 route miles.”

*Information from Forbes.com and Level3.com

**Video published on YouTube by “Level3Communication“

Level 3 Communications Inc., whose efforts to build a national Internet-based communications network have left it under close scrutiny, said Monday that it agreed to acquire XCOM Technologies Inc., a provider of local-phone services and communications software, for about $165 million worth of stock.

Level 3, of Omaha, Neb., will exchange about 2.6 million shares to acquire XCOM, of Cambridge, Mass. Level 3 expects to close the deal during the second quarter.

The deal comes less than a week after Level 3 made an unusual debut on the Nasdaq National Market. The firm was a division of Peter Kiewit Sons Inc., a diversified holding company, and its stock previously traded on the OTC bulletin board as Class D Kiewit stock. Level 3 completed its split from Kiewit last week.

"This is an exciting and important merger for both companies," said James Q. Crowe, Level 3's president and chief executive officer, noting that XCOM holds the rights to technology which provides key components of the "bridge" necessary to fully interconnect the public switched telephone network with new networks based on the Internet Protocol, or IP -- such as that being built by Level 3.

"This bridge will allow Level 3 to offer a broad range of communications services, including voice and fax services, to customers at lower cost and, over time, with new features and enhancements," Mr. Crowe said. "Moreover, customers will be able to enjoy these benefits using their existing telephone equipment and without changing dialing patterns or adding additional devices."

David F. Callan, XCOM's president and chief executive, said both Level 3 and XCOM "are aggressively embracing and helping to shape the new world of IP-based technology and communications."

"Our cultures and views are virtually the same," he said. "Both companies' executives come from entrepreneurial backgrounds with successful track records in starting up and growing companies to very substantial size and success in their markets."

Level 3 doesn't have any customers, and it is still negotiating land rights to build its network. Yet, with some 147 million common shares outstanding, the company ended the first day of Nasdaq trading with a market capitalization of $10.91 billion.

The company, which is run by former managers of telecommunications trailblazer [MFS Communications Company, Incorporated], is armed with $3 billion in funding and has charted plans to build the first global system of Internet-based local and long-distance networks, a system which it sees as offering it the chance to challenge mature phone companies in major markets. Mr. Crowe built MFS and sold it to WorldCom Inc. for $14 billion two years ago.

Level 3 plans to employ the latest in fiber optics and packet data switches and routers to move voice and data traffic from users of the Internet. The plan, using IP technology, is a highly efficient, more powerful data-transmission alternative to traditional phone networks, which use slower circuit switches and are engineered primarily to handle phone calls.

Transmission via data packets, in which great stores of information are sent in electronic envelopes in a digital format over a high-speed data network, is far less costly than sending it along traditional phone lines and through switches, which use up far more transmission capacity to transmit calls and data and are far more expensive to operate.

Despite the buzz Level 3's plans have generated, doubters note that the company faces a great deal of competition, both from other network builders and phone giants eyeing similar opportunities.

Last month, Level 3 announced a deal to lease capacity on Frontier Corp.'s fiber-optic network for up to five years in an agreement valued at around $165 million. Frontier is helping to build a $475 million fiber-optic network that is set to be completed by the end of this year.

In trading on the Nasdaq Stock Market Monday, shares of Level 3 slipped $1 to close at $61.50.