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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60597)	2/15/2002 3:59:44 AM
From: StanX Long	Read Replies (2) \| Respond to of 70976

Nvidia Shares Fall in Europe After Company Says SEC is Probing Accounting Nvidia Shares Drop on Concern About SEC Probe of Its Accounting By Greg Chang 02/15 03:40 quote.bloomberg.com Santa Clara, California, Feb. 15 (Bloomberg) -- Nvidia Corp. shares, which rose the most in the Standard & Poor's 500 Index last year, fell as much as 13 percent in Europe after the maker of graphics semiconductors said the U.S. Attorney's office and Securities and Exchange Commission are investigating its accounting. Nvidia shares traded in Germany fell as much as 9 euros to 62 ($54), or 13 percent less than their closing price of $62.12 on the Nasdaq stock exchange yesterday. Nvidia shares rose more than fourfold last year. The SEC and the U.S. Attorney's Office are probing Nvidia's accounting for reserves in the fourth quarter of fiscal 2000 and first quarter of 2001 and product costs in the second and third quarters of 2001. Investors are increasingly scrutinizing corporate accounting in the wake of financial scandals at companies such as Enron Corp. and Global Crossing Ltd. Nvidia makes graphics chips for computers and Microsoft Corp.'s Xbox video-game console. The company, based in Santa Clara, California, replaced energy-services company Enron in the S&P 500 in November. Houston-based Enron, once the seventh-largest U.S. company, restated earnings in early November, triggering a collapse of its stock that forced it to seek bankruptcy protection in December. Enron's collapse is being investigated by a dozen congressional committees as well as the Justice Department and the Securities and Exchange Committee.