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Technology Stocks : WCOM
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To: JM who wrote (3142)8/7/1998 5:23:00 PM
From: PDL  Read Replies (1) of 11568
 
JM:

The market rarely punishes a company taking a charge like the one announced by WCOM (unless it is long overdue and reflects a major accounting scam as in the case at Cendant [sp?]). I remember about 3 years after the break-up of the Bell System AT&T took about a $10 billion charge to write-down all their antiquated equipment -- this charge "wiped out" all the profits that AT&T had reported for the 3 years after the break-up... and the stock went up. As Dougin says: it avoids the drip-drip of higher expenses over a long period of time. This charges can be attributed to this huge combination -- there has been a ton of overhead incurred (and assets to be written down). I suspect they decided to write-off everything that could be written off so that they will look super-clean going forward.

Despite PT's negatives, I believe this is going to be a great combination. Bernie Ebbers is the class of the telecom field and I couldn't be happier seeing my MCI converted into WCOM.

BTW, does anyone know what the new ticker symbol is going to be?
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