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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 660.08-0.8%Nov 18 4:00 PM EST
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To: Suresh who wrote (36025)2/18/2002 3:39:59 PM
From: Logain Ablar   of 68102
 
Hi Suresh:

There was a good article on Business Week on TYC this weekend. A few of the points which made me negative (more than before) on the company are:
1) The company owns a boat which is really for the exclusive use of the Chairman. Hey they are paying this guy enough where he can own his own boat.
2) The company just issued new options to the Chairman and CFO. A new plan since the most recent options are under water.

IMO this indicates a problem with the board and its relationship with management. I've learned no one is irreplaceable @ a company and a board thats thinks otherwise seems to be missing the boat.

Now I was negative before due to its debt which was effectively hidden during the bubble years while the company grew assets, revenue and income by no small part due to its acquisitions.

I'm not saying this is an Enron but then again I would say they have participated in some accouting gimmicks (where proper or not remains to be seen & see a comment on this in the article) and there is more exposure.

Remember the recent bounce was from an over sold position on news CIT's books were open for potential acquirers (GE for one).

Without being able to acquire for a while I can see more of a haircut and wouldn't be surprised if it becomes a teenager.

Tim
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