Qwest Blocked Workers From Selling Stock

Qwest Communications International Inc., the fourth-biggest U.S. local-phone company, blocked employees from selling company stock in their 401(k) plans during a four-week period when the shares fell 5.6%. The blackout affected 8,000 of Qwest’s 63,000 employees from Dec. 21 to Jan. 22, a spokesman said. Qwest notified employees of the restriction, caused by a switch in plan administrators, in June. During the lockdown, Qwest slashed 7,000 jobs and had its credit rating put on review for a possible downgrade. Quest shares fell 25 cents to $8.70 on the New York Stock Exchange.