Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: Terry Whitman who wrote (36656)	6/3/2002 9:57:49 AM
From: Paul Shread	Read Replies (2) of 52237

I would assume gold would do well if the market continues to tank, but there have been periods where they've both sold off together, and in the last year they've gone up together a couple of times, so the negative correlation isn't there all the time. The latest on the TYC saga: 06:53 ET Tyco CEO Dennis Kozlowski resigns (TYC) 21.95: Announces the resignation of CEO/Chairman L. Dennis Kozlowski for personal reasons. Mr. Kozlowski also stepped down from the Board of Directors. At the request of Tyco's Board, former CEO and current director John F. Fort has agreed to assume primary executive responsibilities during an interim period while a search for a permanent replacement is completed. The Board reaffirmed its commitment to the complete monetization of CIT. 08:25 ET Tyco's now-former CEO investigated for sales taxes -- NY Times (TYC) 21.95: --Update-- Stock falls $1.70 in pre-market following CEO resignation and NY Times report that Mr. Kozlowski is the under criminal investigation for possible evasion of New York State sales taxes. The investigation supposedly has grown increasingly serious in the last few weeks, with a grand jury issuing subpoenas and taking testimony. Prosecutors are said to believe that Mr. Kozlowski, who has moved hundreds of millions of dollars into family trusts, may have used those trusts to buy goods and services without paying state sales taxes. 09:51 ET Tyco: Solly downgrade details (TYC) 17.91 -4.04: -- Update -- Here are the details on Salomon Smith Barney's pre-market downgrade to Neutral from Buy posted earlier... downgrade follows Kozlowski's resignation (6:53) under the cloud of a criminal tax avoidance investigation in NY (8:25), as well as the following additional concerns: 1) jittery suppliers and customers are likely to be further rattled raising the risk of additional biz disruptions, 2) the potential for other mgmt departures seems likely, and 3) uncertainty and circumstances around Kozlowski's departure may hinder the ability to complete restructuring. (briefing)

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