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Technology Stocks : All About Sun Microsystems
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To: Charles Tutt who wrote (48193)4/11/2002 1:58:32 PM
From: E_K_S  Read Replies (2) of 64865
 
Looks like some of the overall market weakness is due to the SEC's probe into IBM. Let's hope that Sunw's books are squeaky clean and management has been on the straight and narrow when accounting for their recent acquisitions.

SEC Insight reports that SEC has initiated a preliminary inquiry into IBM.

From briefing.com:

10:41 ET IBM won't confirm or deny SEC probe: Dow Jones (IBM) 85.46 -3.55: -- Update -- Dow Jones reporting that IBM won't confirm or deny market talk of an SEC investigation; see our 8:43 and 9:28 comments for more
09:28 ET IBM subject of new investigation: SEC Insight (IBM) 89.01: -- Update -- The rumors of an SEC investigation mentioned in the 8:43 comment were apparently triggered by a report this morning from SEC Insight; that research firm issued a report claiming that the SEC initiated a preliminary inquiry of IBM starting on Feb 15 2002, the same day as the NY Times story detailing IBM's accounting for the optical division sale to JDSU; report says that this is a new investigation and speculates that it is still ongoing

08:43 ET IBM rumors making the rounds again 89.01: Hearing trading floor rumors of an SEC inquiry into IBM regarding the sale of its fiber optic business to JDSU (this transaction was the subject of the Feb 15 NY Times article that hit the stock); no confirmation of the source of this talk or its accuracy - IBM has been hit by accounting-related rumors repeatedly of late, most recently last Friday when rumors of earnings restatement were heard
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