Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 268.87

+4.6%

Jan 2 9:30 AM EST

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To: StanX Long who wrote (60651)	2/15/2002 10:04:06 PM
From: StanX Long	of 70976

Feds probe Nvidia's accounting practices Reuters February 15, 2002 (11:11 a.m. EST) eet.com NEW YORK — Shares of Nvidia Corp. fell more than 8 percent Friday morning (Feb. 15) after the computer graphics chipmaker was stung by the disclosure of a federal accounting investigation that has stirred up Enron-like jitters. Even as Wall Street brokerage firms highlighted Nvidia's stronger profits and reiterated "buy" ratings on the stock, the shares dropped $5 to $57.16, the worst net loser and most active issue on Nasdaq. Following its earnings announcement after Thursday's market close, Nvidia said it was the subject of an inquiry by the U.S. Securities and Exchange Commission, an announcement investors dread, given the current sensitivity to accounting issues. Nvidia said the SEC in January informed it of the inquiry into its accounting practices after the commission reviewed e-mail messages related to an earlier investigation into alleged insider trading by some nonexecutive employees. The company said it has begun an internal inquiry into the recording of certain reserves and the timing of recording certain expenses related to the fourth quarter of fiscal 2000 and the first three quarter of fiscal 2001.

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