Qwest Communications International Inc. (Q) ended efforts to sell its long-distance network on Monday after an auction failed to get satisfactory bids for those assets.

The sale of its struggling wholesale business would have helped the Denver-based company to trim its debt load of $13.3 billion and ease investor concerns. Industry insiders were expecting Level 3 Communications Inc. (LVLT) to be a potential buyer.

However, in spite of drawing "significant interest" from prospective buyers, the bid could not find an offer in excess of the $2 billion that Qwest was expecting. In the end, Qwest concluded that the long-distance network assets held far more strategic value for shareholders and customers than it would be able to raise through a sale.

Shares of the company were down more than 5% to $3.93 at noon as investors were disappointed after Qwest missed this opportunity to alleviate its

...

Qwest Communications International Inc. (Q) announced first-quarter earnings that eclipsed Wall-Street expectations, as cost-control initiatives more than offset sluggish revenues.

Earnings reached 12 cents per share, which topped the consensus by 4 cents. This marks the second straight quarter of better-than-expected earnings for the telecom.

Revenues declined 7% year over year to $3.2 billion. Total mass market connections decreased 5.5% year over year to 12 million as growth in broadband and video subscribers was more than offset by the decline in phone lines.

Meanwhile, Qwest reaffirmed full-year earnings guidance before interest, taxes, depreciation and amortization (EBITDA) of between $4.2 billion and $4.4 billion.

The consensus estimate for the current year has remained steady at 33 cents over the past 2 months, despite 4 of 19 analysts pulling back on expectations in the past 30 days.

Q, a Zacks #3 Rank ("Hold") stock, is up almost 6% today on

...

If you are looking for an industry that has been depressed, in a 'relatively stable' industry, provides steady dividends, and pays a high yield, you might want to take a look at the telecommunications industry. Many of these companies provides services to small towns and rural areas. All of the following companies have market caps greater than $400 million, PE ratios less than 40, and PEG ratios less than 9 [for some reason, PEGs are much higher on telecom stocks than other industries], and pay dividends. The huge telecom companies, such as Verizon (VZ) and Sprint Nextel (S) have been excluded from this list. Consolidated Communications Holdings Inc. (CNSL) provides telecommunications services to customers in Illinois, Texas, and Pennsylvania. The stock has a PE of 39 , a PEG of 3.57 , and pays a yield of 10.3% . Citizens Communications Co. (CZN), based in Stamford, Connecticut, ...

Notable Earnings calls for Tuesday

Here are the earnings calls we’ll be keeping an eye on tomorrow:

Cisco Systems Inc. (CSCO) is forecast to post earnings of 36 cents a share excluding stock option costs in the fiscal third quarter, according to analysts surveyed by FactSet Research.

Fannie Mae (FNM) is estimated to report loss of 81 cents a share in the first quarter, according to analysts surveyed by FactSet Research.

Qwest Communications International Inc. (Q) is projected to post a first- quarter profit of 10 cents a share, according to analysts surveyed by FactSet Research.

MGM Mirage (MGM) is likely to report a first-quarter profit of 44 cents a share, according to analysts surveyed by FactSet Research.

Molson Coors Brewing Co. (TAP.NV.T) is expected to report first-quarter earnings of 25 cents a share, according to analysts …