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Non-Tech : Tyco International Limited (TYC) -- Ignore unavailable to you. Want to Upgrade?

To: luther yow who wrote (261)	10/19/1999 1:51:00 AM
From: Richard James	Read Replies (2) \| Respond to of 3770

Another Bloomberg Article: New from Bloomberg by: pkg_india Tyco Shares Drop 7%: Company Denies New Speculation Exeter, New Hampshire, Oct. 18 (Bloomberg) -- Shares of Tyco International Ltd. fell 7 percent, hurt by speculation on Internet message boards that its auditors would resign. Chief Executive Dennis Kozlowski denied the speculation. Shares of Tyco, the world's biggest maker of electronic connectors and the top provider of electronic-security and fire-detection systems, fell 6 5/16 to 81 15/16 after dropping to 77 earlier. ``Nothing could be farther from the truth,' Kozlowski said in an interview when asked about the speculation. He said the company had no explanation for today's price decline. PricewaterhouseCoopers LLP, Tyco's auditor, said it hasn't resigned or been dismissed. Tyco shares have fallen 21 percent since Tuesday. Last week, the stock fell after a newsletter suggested Tyco uses reserves to inflate profit. On Thursday, Kozlowski organized a conference call to refute those suggestions, which were published in a report from analyst and mutual-fund manager David Tice. Tice manages a $259 million fund that bets stocks will fall. Some investors say they remain puzzled by the speculation. ``All I know is they have good operating companies and have had low overhead for years,' said Hershel Cohen, fund manager at the Smith Barney Appreciation Fund, which owned 950,000 Tyco shares at the end of June. ``They take poorly performing companies and they turn them around. They do a good job.' 4th-Qtr Outlook Tyco has headquarters in Hamilton, Bermuda, and is run from executive offices in Exeter, New Hampshire. Its shares rose 1 1/4 to 88 1/4 on Friday following a 10 percent decline on Thursday. Tice today declined to comment on Tyco. His ``Behind the Numbers' newsletter provides "sell" recommendations to money managers. It costs $10,000 a year. Kozlowski repeated his forecast that Tyco expects to beat analysts' per-share earnings estimates when it reports fiscal fourth-quarter results Thursday. The company is expected to earn 89 cents a share in the quarter ended Sept. 30, the average estimate from analysts polled by First Call Corp. ``Everything is exactly the same here at Tyco as it was a week ago,' Kozlowski said. The company is expecting ``solid performance from all of our operating divisions and our outlook has never been better.' Oct/18/1999 19:13 For more stories from Bloomberg News, click here.