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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (30861)	2/19/2002 8:50:23 AM
From: LTK007	Read Replies (1) \| Respond to of 99280

world markets battered all-nite--reason? finance.yahoo.com the world indices link.

To: Crimson Ghost who wrote (30861)	2/19/2002 8:55:34 AM
From: LTK007	Respond to of 99280

ca.news.yahoo.com Tuesday February 19 8:26 AM EST US Stocks Seen Lower: Overseas Markets Slump By Chelsea Emery NEW YORK (Reuters) - U.S. stocks are seen opening lower on Tuesday as accounting jitters linger and investors eye declines in overseas markets, including Japan where the stock market posted its biggest one-day loss in two months. Tokyo's Nikkei average slumped 2.44 percent as a visit by U.S. President George W. Bush ended without the Japanese government unveiling any concrete policy steps to revive the economy. An extended slump in the world's second-largest economy could limit a global recovery, investors say, Accounting fears weighed after computer giant International Business Machines Corp. on Friday became the latest company in the firing line over accounting concerns. Exchanges were closed on Monday for the national Presidents Day holiday. Declines today "are leftover from Friday, with its concerns about IBM's less-than-clear financial reporting," said Phil Dow, director of equity strategy for brokerage RBC Dain Rauscher. A decline in stock futures point to a lower open. Futures for the Standard & Poor's 500 index slid 6.80 to 1,098, while futures for the technology-laden Nasdaq composite index lost 18 to 1,422. On Friday, benchmark stock indexes slid as fears of improper accounting practices dogged companies large and small. Shares of IBM, for one, slumped after The New York Times reported the company hadn't disclosed a $300 million gain on the sale of an optical unit. An IBM spokeswoman said the company had adequately disclosed the sale of the unit. Dealers in Europe said worries about accounting irregularities had pulled other technology bellwether stocks lower. They said Cisco Systems (NasdaqNM:CSCO - news) was down 24 cents from Friday's closing price at $16.85, while Intel Corp. (NasdaqNM:INTC - news) was down 29 cents at $32.00 and Microsoft Corp. (NasdaqNM:MSFT - news) 38 cents at $59.85. More positively, U.S.-based ONI Systems Corp. (NasdaqNM:ONIS - news) rose in Europe after the developer of optical telecommunications systems said on Monday it was being bought by networking company Ciena Corp. (NasdaqNM:CIEN - news). ONI shares last traded at $6.00 in Europe, up eight percent from their close of $5.54 on Friday. Ciena's shares were trading at $8.60, easing back from its last close of $8.73. In other corporate news, Sprint Corp. (NYSE:FON - news) said on Friday it will cut 3,000 customer-service jobs and close five call centers at its Sprint PCS Group (NYSE:PCS - news) wireless telephone unit to cut costs amid a slowdown in growth in the U.S. wireless telephone industry. The cuts represent about 9 percent of Sprint PCS' work force and affect facilities in Georgia, Florida, Kansas and California, the company said. Sprint shares closed at $13.30 on Friday, while Sprint PCS shares closed at $9.27. INTERNATIONAL MARKETS LOWER Tokyo stocks tumbled after a visit by President Bush did not bring hoped-for steps toward economic reforms Some investors had expected Bush's visit to bring announcements by Prime Minister Junichiro Koizumi about the disposal of banks' mounting bad debts. The benchmark Nikkei average (^N225 - news) closed down 246.09 to 9,847.16, the biggest one-day percentage fall since Dec. 13. The broader TOPIX index (^TOPX - news) fell 21.72 points or 2.21 percent to 959.96. It was the biggest drop since January 8. Major European bourses were lower on Tuesday, adding to modest losses on Monday. The pan-European Eurotop 300 index (^FTEU3 - news) dropped 1.4 percent to 1,1999. "People are still looking for skeletons in closets...it looks like the ghost of Enron could hurt us again," said Tom Hougaard, an analyst at Financial Spreads bookmakers. ADVERTISEMENT Email this article - View most sent articles