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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (175270)6/25/2002 7:16:29 PM
From: Sully-   of 436258
 
To get to the other side :-
Could be that MU, a little fraud & a bankruptcy helped the futures.......

19:08 ET Adelphia files for bankruptcy (ADLAE) : The Wall Street Journal is reporting that Adelphia has filed for chapter 11 bankruptcy protection and has obtained $1.5 bln in debtor-in-possession financing; the bankruptcy filing had been expected.

19:03 ET WorldCom story confirmed by WSJ (WCOM) 0.83 -0.08: -- Update -- The Wall Street Journal is also reporting the WCOM story; like CNBC, it says that over $3 bln in expenses were improperly booked as capital expenditures, though the WSJ claims that this boosted cash flow, which appears incorrect based on the available information. Investors appear to be concluding that this will be the death knell for WCOM and that chapter 11 bankruptcy is now likely; WCOM trading at 0.25, -0.58 from the 4 pm close.

18:26 ET WorldCom engaged in accounting fraud: CNBC (WCOM) 0.83 -0.08: CNBC reporting that WCOM has engaged in fraudulent accounting over the past five quarters; says that company recorded many regular expenses as capital expenditures, boosting EBITDA by $3.6 bln over the past five quarters. CNBC also reports that the CFO has been dismissed in the last 48 hours. Though misreporting regular expenses as capex does not affect cash flow, it can affect estimates of a company's future earnings power; CNBC also adds that the company will soon restate its earnings to reflect these issues. WCOM plunges after hours to 0.38, off 0.50 from the close.
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