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Non-Tech : Tyco International Limited (TYC)
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To: Bob Rudd who wrote (2633)1/28/2002 9:55:57 AM
From: GVTucker  Read Replies (1) of 3770
 
Here's my bottom line on Tyco and accounting. When you read Tyco's 10-K and 10-Q, a lot of the classic red flags that you look for in a good short sale pop up. That doesn't necessarily mean that Tyco is cooking the books or that Tyco has problems that it is hiding through legal means. It does mean, however, that the probability is higher that Tyco has some issues out there that we don't know about. The same red flags were there in Enron's financials and in Sunbeam's financials. Again, though, the red flags are there in GE's financials, too, and they've been there for several years. And shorting GE would have been rather painful if someone shorted into those red flags.

Tyco has performed poorly because it hasn't increased disclosure to completely explain those red flags. And when net income on a GAAP basis declined last year, that just poured a little more fuel on the fire.
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