Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Captain Jack who wrote (78709)	2/24/2000 5:28:00 PM
From: Captain Jack	Read Replies (1) \| Respond to of 97611

Here is the story-- All is WeLL HOUSTON, Feb. 24 /PRNewswire/ -- Compaq Computer Corporation (NYSE: CPQ) today reported that its Board of Directors appointed Ernst & Young LLP as Compaq's independent accountants, replacing PricewaterhouseCoopers. "Following an intensive search initiated by Compaq's Audit Committee, Ernst & Young emerged as the best organization to provide high quality audit services in our NonStop(TM) business environment," said Ben K. Wells, Vice President, Corporate Treasurer, and acting Chief Financial Officer. The company expects a smooth transition to the new auditors. There is no impact on Compaq's financial reports. All Compaq's financial reports, including the 1999 accounts, remain in full force and effect. Ernst & Young will be in place to review the Company's first quarter 2000 financial statements. Compaq stated that the change in auditors was related to the Securities and Exchange Commission's (SEC's) investigation of PricewaterhouseCoopers' independence violations. Compaq emphasized that there had been no determination that the independence of PricewaterhouseCoopers had been impaired with respect to any audit of Compaq's financial statements. Nevertheless, as a result of that investigation, representatives of the SEC asked Compaq to name new independent accountants and the Audit Committee of Compaq's Board of Directors determined it was appropriate to do so.

To: Captain Jack who wrote (78709)	2/24/2000 6:14:00 PM
From: Loki	Read Replies (3) \| Respond to of 97611

Captain Jack...It is usually not a positive sign for a corporation to change accounting firms. Sometimes corporations desire to report items in ways with which the accounting firm disagrees. One possible reason for change....CPQ past or future actions? The new accounting firm must familiarize itself with the company, this can be inefficient. Who knows?...little would surprise me with CPQ. The announcement is pure PR. Loki (When is EP and EM one year anniversary....April ??) Recent report stated: Investments in 1999 NASDQ, AMEX, NYSE stocks(aggregate). Those companies that had profits had stocks rise 2% Those companies that made no profits had stocks rise 54%

To: Captain Jack who wrote (78709)	2/25/2000 5:46:00 AM
From: JDN	Read Replies (1) \| Respond to of 97611

Dear CJ: I see someone posted the PR regarding the change, and reason seems to be listed there. I can tell you, based upon my previous experience (which now goes back 9 years) I personally would MUCH rather deal with Ernst et al than Price et al. The former always seemed like a nice bunch with a good attitude whereas the latter were HAUGHTY as all get out. Also PW is VERY expensive. BUT, if you want the best firm for a Technology company the pick should have been Arthur Andersen. Tech is their specialty and they have many useful contacts. JMHO of course. JDN