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To: Johnny Canuck who wrote (37033)	5/16/2002 12:07:21 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69822

08:31 ET LU Lucent: SEC now looking at vendor financing (4.72) The Wall Street Journal is reporting that the SEC's investigation into LU is now also probing the role vendor financing played in its sales. Among the co's biggest vendor-financing deals was a 5-year pact signed in Oct 1998 to loan Winstar Communications $2 bln so the co could build its network with LU equipment; when Winstar filed for bankruptcy in 2001, it accused LU of breaching its contract, which LU denies; LU ultimately wrote off some of its exposure to vendor financing, including an estimated $700 mln loss tied to Winstar. 08:31 ET Housing Starts fell to 1.55M; Claims rise to 418K; both slightly negative for mkt Housing Starts fell 5.4% to a 1.55 mln unit rate in April, but Building Permits rose 0.3% to 1.634 mln. Though the Housing Starts figure will be a disappointment, the uptick in permits will prevent this from being interpreted too negatively. Claims edged up 2K to 418K, above the 405K consensus; highlights concerns that there hasn't been much followthrough on the jobs front in this recovery.