Level 3 (LVLT -3.5%) opens lower following a downgrade to Neutral from D.A. Davidson. The firm cites valuation, and a belief EMEA and wholesale sales were flat-to-down in Q4. Yesterday, Dan Rayburn reported Level 3 has won a CDN services deal with Apple to handle a share of its software downloads, including iOS/iTunes content, in the U.S. and Europe. The deal is said to be smaller than the one Apple has with Akamai (AKAM).