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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: LTK007 who wrote (89989)7/2/2002 1:21:26 PM
From: Softechie  Read Replies (1) of 99280
 
WSJ: WorldCom's troubles continued Tuesday. Regulators probing alleged accounting fraud at WorldCom are increasingly concerned that company officials haven't fully disclosed many details of the widening scandal.

Securities and Exchange Commission Chairman Harvey Pitt lambasted WorldCom after the company said it may have committed additional accounting errors. WorldCom previously had said it plans to restate by $3.8 billion its financial results for 2001 and part of 2002.

The company said in a statement that it had uncovered what could be additional accounting problems. These could add at least another $1 billion to the company's financial revisions, people familiar with the matter said.

The shares, which tumbled 93% on Monday and made for the third most-active trading day on the Nasdaq ever, regained some ground Tuesday despite the news, rising 3% to trade at just over 6 cents a share.

WorldCom has scheduled a conference call for 3:30 p.m. EDT; many expect a bankruptcy filing.

Skittish investors have been ignoring more upbeat reports about the nation's economy to focus on negative corporate news as they await the next round of preannouncements, expected to begin in earnest next week.

"There is an overall distrust of Wall Street and so people are ignoring the economic data," said Brian Belski, fundamental market strategist at US Bancorp Piper Jaffray.
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