Shares of TW Telecom (TWTC) climbed 6% in heavy volume on a report that the supplier of phone and Internet services to businesses may be a takeover target. Bloomberg cited comments made by Keith Meister, founder of investment firm Corvex Management LP, that fiber optic network operator Level 3 Communications (LVLT) would be a good acquisitor for TW Telecom. Corvex owns shares of both companies. Neither Level 3 nor TW Telecom had any immediate comment. Level 3 rose 3.4% to 23.99.