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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: tigerman77 who wrote (59905)	10/5/2000 7:26:15 PM
From: Benkea	Read Replies (1) of 99985

:-))) biz.yahoo.com Thursday October 5, 5:22 pm Eastern Time WorldCom's CEO to sell stock to cover margin call NEW YORK, Oct 5 (Reuters) - WorldCom Inc. (NasdaqNM:WCOM - news) said on Thursday its Chief Executive Bernie Ebbers plans to sell three million shares of the telephone company's stock, or about 11 percent of his stake, in a move to cover a margin call. Ebbers filed with the Securities and Exchange Commission on Sept. 28 to sell three million shares, worth about $78.2 million. Ebbers owned about 27 million shares of WorldCom stock at the time of the filing, the company said. WorldCom spokeswoman Claire Hassett confirmed that Ebbers planned to sell the stock to raise funds to cover a margin call. A margin call requires an investor to put up cash or securities to back the stock bought with borrowed funds. Hassett said Ebbers had bought WorldCom on margin, but she declined to provide additional information. WorldCom could not confirm whether the sale of the stock had gone through yet, but a trader said the sale contributed to the weakness in WorldCom's stock price on Thursday. Shares of WorldCom closed at $25-15/16, down $2-1/4, or nearly 8 percent, in heavy trading on Nasdaq.

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