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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (1093)	8/21/2001 8:30:32 AM
From: Jill	Read Replies (3) of 8752

Also, Slate's summary this a.m. of some news we ought to find interesting: 1) The top story in the WSJ's front-page business news box is that in an amendment to its annual report supported by its auditor, Excite At Home Corp., which is controlled by and considered crucial to AT&T, warned that it may not survive. The company faces delisting from Nasdaq because its share price is below a $1, and its S & P rating has dropped to triple-C. The paper explains that one big problem is waning demand for its online advertising inventory. 2)The WSJ runs a front-page primer on the way in which corporations have increasingly redefined what they mean by "earnings" when they report them. "Earnings" should mean and have for much of financial history meant, the story explains, "according to generally accepted accounting principles," but more recently and especially with the advent of Internet stocks, companies started hiding the ball. The story is accompanied by a listing of seven widely used terms that allow companies to fog their financials. One inference from this terminological vogue the Journal draws: With earnings defined correctly, the stock market actually has a much higher price-to-earnings ratio than is generally thought, suggesting that it "is further from recovery than many suppose."

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