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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Fleming who wrote (120967)	6/26/2002 12:53:26 AM
From: JohnG	Read Replies (1) \| Respond to of 152472

06/25 23:48 U.S. Treasuries Soar After WorldCom Restates Profit, Sacks CFO By Chris Cooper Tokyo, June 26 (Bloomberg) -- U.S. Treasuries rallied, pushing 10-year yields down by their biggest amount this year, after WorldCom Inc. said it misstated earnings, driving investors to dump stocks and seek the haven of government debt. Treasuries rallied after WorldCom Inc., the second-largest U.S. long-distance provider, said it will restate earnings and fired its chief financial officer, saying the company misstated $3.9 billion in expenses. Nasdaq 100 Index futures for September delivery dropped 49.5 points to 977.5. ``WorldCom is causing investors to question whether they can really believe earnings statements, and that is leading to a flight to quality,'' said Kazutoshi Nakade, who helps oversee 200 billion yen ($1.66 billion) at Mitsui Sumitomo Insurance Asset Management Co. The 4 7/8 percent note maturing in 2012 gained 1 9/32, or $12.81 per $1,000 face amount, to a price of 101 23/32. Its yield fell 17 basis points to 4.65 percent, the biggest decline since Nov. 29. One basis point equals 0.01 of a percentage point. Two-year notes, the most widely traded government securities, also gained after the Treasury postponed this month's auction of the debt, due later today, as it waits for Congress to raise the $5.95 trillion cap on government borrowing. The 3 1/2 percent May 2004 note rose 11/32 to 101 4/32, pushing its yield down 18 basis points to 2.65 percent.