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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (20283)	6/26/2002 5:37:22 AM
From: Raymond Duray	Respond to of 74559

THE ROLLING THUNDER REVIEW - WCOM FALLOUT WORLDWIDE channels.netscape.com News Corp battered on WorldCom woes SYDNEY, June 26 (Reuters) - News Corp shares fell 8.1 percent on Wednesday as traders used the stock as a proxy for the the U.S. Nasdaq market, which is expected to fall after telco giant WorldCom Group disclosed almost US$4 billion in accounting irregularities. Shares in News Corp , the world's fifth-largest media company, dropped 86 cents to A$9.73 by mid-afternoon to levels not seen since December, 1998. The company's market capitalisation has shed A$10 billion in the past month. "A lot of hedge funds which use short sales as a strategy are doing quite well at the moment and are using News Corp as a proxy for the Nasdaq," one media analyst said. """""""""""""""""""""""""""""""""""""""""""""""""""""""""" GET DOWN!