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

To: StanX Long who wrote (61996)	3/13/2002 1:26:17 AM
From: StanX Long	Respond to of 70976

IBM higher as annual report eases fears about accounting 3/12/02 host.wallstreetcity.com SAN FRANCISCO, Mar 12, 2002 (AFX-Asia via COMTEX) -- Shares of International Business Machines were higher midsession after the computer hardware and services provider eased concerns over the reliability of its accounting by releasing the most-detailed report yet on its finances, dealers said. At 12.06 pm in New York trade, IBM was up 3.31 or 3.15 pct at 108.55 while the Nasdaq Composite Index was down 34.75 or 1.80 pct at 1,894.74. The report, which was filed with the Securities and Exchanges Commission, gave investors a more thorough breakdown of the company's earnings, including clearer information on intellectual property income and gains and losses from investments in other companies. The move comes after IBM's accounting practices were criticised after the company failed to adequately disclose that a one-off gain from the sale of a subsidiary helped it beat Wall Street profit forecasts last quarter. Analysts said the level of detail provided in the annual report has drawn a line under such concerns. "There are no accounting issues at IBM," said UBS Warburg analyst Don Young. "The company provides high-quality financial reporting and judging from the quality