Stock price tumbles for Vegas telephone service provider

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Friday, Sept. 8, 2000 | 11:24 a.m.

Shares of MPower Communications Corp., a provider of phone and Internet service founded in Las Vegas, tumbled Thursday and today.

The stock fell after the company backed out of a Bear Stearns Cos. conference and revised downward its financial outlook for the third and fourth quarters.

MPower stock fell $3.50 to $12.31 on Thursday and was down another $2.97 this morning at $9.34.

The provider of telephone and Internet services said it will have losses for the rest of the year because of delays in implementing its services over digital lines.

Mpower was founded in Las Vegas as MGC Communications, but moved its headquarters to Rochester, N.Y., and changed its name. It still provides local telecommunications services in Las Vegas.