AES Corporation (NYSE: AES), the international power generator operator, reported results that did not surprise to the upside. The stock was down close to 2% in yesterday's trading and is down 13% for the month. Use this price weakness to get into this stock.

Free cash flow was $377M versus $309M prior to capital expenditure for new projects, up 22%. Revenue grew 11% which included 2% for positive currency impacts, or 9% adjusted revenue growth. The forecast free cash flow yield pre-growth cap-ex is currently 10% and is expected to rise to 15% in 2009 and 18% in 2011. This is the highest level in the Power group, according to Lehman Brothers.

In yesterday's conference call, most investors questions focused on its Latin American business, which appeared not to please investors. However, the global aspect of its business and the need for power generation in many of the world's emerging markets makes this a high quality stock to own.

I'd consider using June's price weakness to buy this stock.

Level 3 Communications Inc (NASDAQ: LVLT) reported very solid results yesterday, however, the organic growth rate seemed to slip from its 24% target down to 17%. This led to the stock getting hit a bit by investors in yesterday's trading.

I would use this price weakness to buy the stock.

Supposedly, Level 3 walked away from weak pricing in the enterprise business, something it can now afford to do since its balance sheet is in much stronger shape. What is also a positive is that most of the restrictive loan covenant agreements on its debt are now gone, which means it can focus on profitability and not revenue generation, which was a covenant that drove business decisions in the past.

Level 3 also remains on the path to being free cash flow positive, which has proven a boon for communications stock prices previously.

The other positive for Level 3 is that video usage is ramping up but revenue has not as of yet. This means when video pricing takes hold, Level 3 revenue growth should accelerate considerably.

The dynamics of this business are two powerful to ignore. I'd use the price weakness to buy this stock and put away.