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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (111445)	7/6/2001 5:04:06 PM
From: long-gone	Read Replies (3) of 436258

& I thought all the clowns were with-in North America: Friday July 6, 2:20 pm Eastern Time TheStandard.com Black Friday on the Neuer Markt By Boris Groendahl - Berlin Bureau Chief The German Neuer Markt growth stock exchange fell to an all-time low on Friday after a spate of profit warnings. The Neuer Markt (Nemax) All Share index sunk to 1300 for the first time in its two-year history. The "blue chip" Nemax50 index fell more than 7 percent to below 1200, also for the first time. ADVERTISEMENT Traders in Frankfurt said they could see the Nemax50 falling to three figures over the coming months. The losses cast further doubt on the basic quality of companies listed on the Neuer Markt and prompted calls for the reform of its rules, such as the delisting of penny stocks. The losses have been mounting all week, with the Nemax50 losing 20 percent and shares accelerating further downward on Friday after chip manufacturer AMD, data storage firm EMC and BMC Software warned of lower profits. "The investors are so irritated now that they only want out, regardless of the price", a trader in Frankfurt told Reuters. The reduction in IT spending in Europe is viewed as one of the major causes behind the slump. Market research firm IDC said IT investment by European companies could come in $50 billion lower than projected in the next two years. A case in point was an announcement by Deutsche Bank's CIO Hermann-Josef Lamberti. He said the German banking giant would reduce its investments in their online banking and e-business sites by 60 percent in 2001, to $86 million (DM200 million). The Neuer Markt also has its own intrinsic problems, having lost almost 90 percent of its value since the new economy bubble burst last spring. The stock market watchdog BAWe has started 34 investigations into wrongful announcements by Neuer Markt companies this year alone, alongside 18 allegations of insider trading. Lawsuits concerning breach of lockup periods and balance-sheet fraud are proliferating. Many once-prominent Neuer Markt companies such as EM.TV, Metabox, Sunburts or Infomatec have all been hit by such investigations. Investors also are calling for a purge of Neuer Markt-listed companies. Twenty of the 343 listed firms are trading as "penny stocks" below the 1 euro threshold and being exchanged almost exclusively among gambling daytraders. Unlike the Nasdaq, they can't be delisted for their performance. Traders increasingly see this as an image problem and are calling for new rules to throw them out of the exchange. biz.yahoo.com

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