CenturyLink Inc (CTL.N) forecast a disappointing profit target for its last quarter before it is expected to buy Qwest Communications International Inc (Q.N), sending its shares down more than 2 percent. Investors also worried about CenturyLink's prospects for the rest of 2011 especially as the telephone operator said it would increase capital spending to upgrade its network even as revenue keeps falling. The companies, which expect to close their merger on April 1, are combining to reduce expenses as consumers continue to disconnect their home phones in favor of Internet services and cellphones.
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