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Half-a-billion dollar (market cap) telecommunications provider Cogent Communications (CCOI) this morning reported second quarter sales and a net loss that missed estimates slightly, and also cut its outlook for the current quarter and the year, which has sent its stock tumbling by $3.80, or 34%, to $7.42.

Shares of small-cap competitive local exchange operator Cbeyond (CBEY) are jumping this morning, up 7%, despite missing estimates and cutting its forecast when it reported second quarter earnings last night.

CBeyond (CBEY) reported earnings today, reporting revenues of $85M, EBITDA of $13.7M, and earnings of $0.02.  None of that came as much of a surprise, it was in line with guidance and expectations.  Some, including Citibank, thought CBeyond might show the same symptoms as PAETEC, since both serve the

Level 3 (LVLT) shares are under pressure this morning after Citigroup’s Michael Rollins cut his rating on the telecom services provider to Sell from Hold. Rollins also made cautious remarks on the telecom sector more broadly, reducing target prices for both Verizon (VZ) and AT&T (T).