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Stock rises after upgrade
By News staff and wire reports
Rocky Mountain News
Thursday, November 30, 2006

Goldman Sachs on Wednesday removed Qwest Communications from its "Americas Conviction Sell List," meaning ratings made with great conviction.  Investors sent Qwest shares up 23 cents, to $7.83, on the upgrade.  The stock may have enjoyed a bigger boost except for the fact that the New York investment banking firm maintained its "sell" rating on the stock.

Goldman Sachs analyst Jason Armstrong said the stock is negatively influenced by the "significant level" of stock sales by executives.

Top Qwest executives recently made more than $50 million by exercising large chunks of their options, and founder Phil Anschutz also has arranged to sell or give away most of his holdings.  Qwest stock has dropped more than 10 percent.,2777,DRMN_23910_5178772,00.html