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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?


To: afrayem onigwecher who wrote (11277)3/17/2003 6:16:38 PM
From: StockDung  Respond to of 19428
 
Rosen, Jerome Edward Miami, Florida (January 13, 2003)

Rosen has appealed this action to the SEC, and the bar has not been stayed
pending consideration of the appeal. (NASD Case #8210-EN020002)

nasdr.com

Individuals Barred Pursuant to NASD Rule 9544 for Failure to Provide
Information Requested Under NASD Rule 8210

The date the bar became effective is listed after the entry.

Rosen, Jerome Edward
Miami, Florida
(January 13, 2003)

Rosen has appealed this action to the SEC, and the bar has not been stayed
pending consideration of the appeal. (NASD Case #8210-EN020002)



To: afrayem onigwecher who wrote (11277)3/17/2003 6:34:24 PM
From: StockDung  Respond to of 19428
 
Applied Materials to Slash 14% of Its Work Force

March 17, 2003

SANTA CLARA, Calif. -(Dow Jones)- Applied Materials Inc. (AMAT), citing the extended downturn and changes within the semiconductor industry, said it plans to cut 2,000 jobs, or 14% of its work force.

The job cuts, along with facility consolidations in Santa Clara and Austin, Texas, will result in pretax charges totaling $425 million over the next four quarters, Applied Materials said in a press release Monday.

The semiconductor equipment maker said about 1,400 of the job cuts will come from the company's North American operations, with the majority of the affected employees to be notified by the end of the fiscal second quarter.

The remaining 600 positions will be cut at other locations worldwide by the end of the fiscal fourth quarter in October.

(MORE) Dow Jones Newswires

03-17-03 1629ET

Applied Materials expects to save $60 million in the fiscal third quarter from the job cuts, facility consolidations and additional program management changes. The company is targeting savings of $100 million by the first quarter of fiscal 2004 to combat the protracted semiconductor industry downturn.

"Our customers are investing in advanced, complex technologies at the same time that they are under enormous pressure to reduce costs," said Chairman and Chief Executive James Morgan in the press release. "The combination of changes in the industry and the extended downturn have led Applied Materials to take decisive action."

Besides the facilities consolidation in Santa Clara and Austin, Applied Materials will reduce facilities at various locations outside the U.S.

A company representative couldn't immediately be reached for more information.

Applied Materials, which had 2002 revenue of $5.06 billion, said $235 million of the charges will come from the consolidation of facilities. The remaining $120 million in charges will be for employee severance from the job cuts.

Applied Materials' shares recently fell to $13 in after-hours trading, according to Island ECN, after closing the regular session at $13.13, up 76 cents, or 6.1%.

-Kara Wetzel; Dow Jones Newswires; 201-938-5388

(END) Dow Jones Newswires

03-17-03 1654ET



To: afrayem onigwecher who wrote (11277)3/17/2003 6:36:21 PM
From: StockDung  Respond to of 19428
 
Spiegel Goes Bust

By Mathew Emmert (TMF Gambit)
March 17, 2003

Spiegel, the parent of Eddie Bauer stores and cataloguers Spiegel and Newport News, filed for bankruptcy protection today. The company listed assets totaling $1.73 billion and liabilities of $1.70 billion, which leaves about 12 bucks in stockholder's equity -- OK, OK, it leaves $30 million, but it may as well be 12 bucks as, in bankruptcy proceedings, stockholders will likely end up with a steaming hot cup of jack squat.

The news won't come as a shock to those following the company's recent, and not so recent, events. The retailer has been in poor financial straits for some time now, having its shares delisted by Nasdaq in June '02.

In January, the Securities and Exchange Commission sued the company because it failed to pass on material information to shareholders, specifically relating to its auditor's comments during 2002. The comments questioned the company's ability to continue as a going concern (an important tidbit of information, one might say). Spiegel settled the suit in February without admitting any wrongdoing.

The vultures really began circling last week, when Spiegel announced it would be forced to file for bankruptcy protection if unable to secure immediate financing. Despite the myriad issues within the firm, Spiegel's credit card lending practices were ultimately responsible for the company's demise. It was attempting to grow its credit card division in order to prop up declining sales of its merchandise, but sacrificed credit quality in its desire for growth, using loose credit standards to add cardholders.

As might be expected in an environment where consumer debt is at an all-time high, the practice ultimately led to extreme charge-offs. Even more importantly, the charge-offs exceeded levels agreed upon in Spiegel's lending covenants. This forced the company to immediately pay back investors who purchased $2.2 billion worth of the retailer's bonds, which were backed by the deteriorating credit card receivables.

In order to continue operations during bankruptcy proceedings, Spiegel has secured $400 million of debtor-in-possession (DIP) financing from Bank of America (NYSE: BAC), FleetBoston Financial (NYSE: FBF), and CIT Group (NYSE: CIT).

Thankfully, the firm stated the funds would allow it to continue providing the same high-quality goods and services it always has -- you know, the goods and services that just forced it to seek bankruptcy protection.

This situation should be a warning to investors in companies with large credit card portfolios. Credit quality, charge-offs, and loan-loss reserves are always important, but they're especially important in a weak economy, when the devil in the details often comes to collect his due.



To: afrayem onigwecher who wrote (11277)3/17/2003 6:44:33 PM
From: StockDung  Respond to of 19428
 
Bush to give ultimatum in national address Iraqi foreign minister: Saddam won't flee
Monday, March 17, 2003 Posted: 5:22 PM EST (2222 GMT)


WASHINGTON (CNN) -- As President Bush prepares to deliver an ultimatum Monday evening to Iraqi President Saddam Hussein, the White House is urging journalists and diplomats to leave Iraq as soon as possible.

U.S. Secretary of State Colin Powell said the president would use a national address set for 8 p.m. EST to issue an ultimatum to Saddam, his immediate family and other key leaders: Leave the country or face the "serious consequences" mentioned in U.N. Resolution 1441.

Saddam has a "very small opening, several days at best," a senior administration official said. Another said a 72-hour deadline "is in the right ballpark."

Iraqi Foreign Minister Naji Sabri ruled out that possibility Monday afternoon. Sabri called Bush a "crazy man" and suggested Bush step down instead to let the world live in peace. (Full story)

In other developments:

• Turkish officials, including the president, prime minister, foreign minister and chief of the armed forces, met Monday to discuss possible war in Iraq. After the meeting, a government spokesman said, "Turkey must fulfill its obligations to its allies," setting off a flood of speculation that its parliament would hold another vote on allowing U.S. troops to use Turkish bases. Lawmakers rejected a measure this month that would have allowed the United States to base 62,000 troops in Turkey.

• Bush is scheduled to meet with congressional leaders at 5:45 p.m. EST Monday, officials said.

• British Foreign Secretary Jack Straw said late Monday that Parliament will debate British participation in military action against Iraq on Tuesday. Earlier Monday, Robin Cook, a senior Cabinet member, resigned in protest. Clare Short, another Cabinet member, has threatened to resign.

• During a session of Canada's Parliament on Monday, Prime Minister Jean Chretien said, "If military action [in Iraq] is launched without a new [U.N.] resolution, Canada will not participate."

• Diplomatic efforts to resolve the Iraq crisis ended with an announcement by the United States, Britain, and Spain that their push to win passage of a new U.N. resolution on Iraq is over.

• U.N. personnel, including about 60 weapons inspectors, 75 support staff and nearly 200 humanitarian workers, will be evacuated from Iraq as soon as Tuesday.

• Saddam, in a statement read by an anchor on Iraqi television, reiterated his stance that Iraq has destroyed all of its weapons of mass destruction. (Full story)

• U.S. officials said Monday that there is "recent" and "fresh" evidence that Iraq is planning to use chemical weapons, perhaps against U.S. forces or Iraqi citizens. Officials said they have information that Republican Guard units south of Baghdad have been issued chemical munitions but have no direct evidence. There is also growing concern that some Iraqi artillery units near the Kuwaiti border can fire shells filled with chemical weapons. (Full story)

• Israel's Homefront Command Israelis on Monday to make sure sealed safe rooms in their homes are ready. During the Persian Gulf War, Iraq launched a number of Scud missiles at Israel. Israeli officials have said that the nation is better prepared to defend itself and its citizens against missile attacks.

• An Arab League ambassador said, "It's a very grave day. This is the day that international law has been shoveled away. War will not solve this problem. Unfortunately those who are going to war will find it will be very difficult to get out of it."

• U.N. Security Council members France, Russia, China and Germany are among the nations that insist Iraq can be disarmed peacefully. French Foreign Minister Dominique de Villepin, speaking to Europe 1 radio, said "One country can win a war, but it takes more than one country to win peace." (Full story) Russian President Vladimir Putin said a possible war in Iraq would be "A mistake fraught with the gravest consequences which may result in casualties and destabilize the international situation in general." Li Zhaoxing, the Chinese foreign minister, said, "We appeal for a political settlement to the Iraq question within the framework of the United Nations and urge all efforts to avoid war."

• U.N. Secretary-General Kofi Annan reiterated his stance that, should military action occur in the region without the blessing of the world body, "Its legitimacy would be questioned."

• The 15-member U.N. Security Council met Monday behind closed doors, after which council President Mamady Traore said they decided to return Wednesday morning to discuss the weapons inspectors' work program, even though Annan said he had ordered that they be withdrawn from Iraq. (Full story)

• John Negroponte, U.S. ambassador to the United Nations, said he thought the Security Council vote "would have been close," and said France's threatened veto was the reason it was not brought to a vote. "We regret that in the face of an explicit threat to veto, the vote-counting became a secondary consideration," Negroponte said. French Ambassador Jean-Marc de La Sabliere said "The majority of the council confirmed they do not want a use of force." De La Sabliere said the council also discussed a joint declaration on Iraq by France, Russia and Germany proposing a ministerial-level meeting be held "as soon as possible."

• A senior Pentagon official reports that Iraq has enough explosives in its oil fields to set them afire, but there is no evidence any wells have been wired with explosives.

• The U.S. State Department urged Americans to leave Kuwait immediately because of the threat of war.

• Bush administration officials are working to ensure that humanitarian aid to Iraqis is "ready to go into action on very short notice," as one official put it.



To: afrayem onigwecher who wrote (11277)3/17/2003 9:04:53 PM
From: StockDung  Read Replies (1) | Respond to of 19428
 
Bush Gives Hussein 48-Hours to Quit Iraq as War Looms (Update1)
By Richard Keil and Roger Runningen

Washington, March 17 (Bloomberg) -- President George W. Bush gave Saddam Hussein 48 hours to go into exile or face an attack, pushing the U.S. and Iraq to the brink of war.

``Events in Iraq have reached the final days of decision,'' Bush said in a nationally televised speech from the White House Great Hall. ``Peaceful efforts to disarm Iraq have failed again and again because we are not dealing with peaceful men.''

Bush said Iraq has supported terrorists, including the al- Qaeda network blamed for the Sept. 11, 2001, attacks, and won't disarm so long as Hussein retains power. Bush said Hussein and his sons have 48 hours to leave Iraq, or face military action ``at a time of our choosing.''

Bush's speech ended six months of U.S. and British efforts to rally United Nations Security Council support for using force to make Iraq dismantle its chemical, biological and nuclear weapons programs.

The U.S. and U.K. have sent more than 250,000 troops to the Persian Gulf. An Iraq conflict would be the first war under a doctrine Bush crafted after the Sept. 11 attacks. The administration holds that the U.S. must move pre-emptively to confront rogue nations that might pose threats to America.

Terror Alert Raised

The U.S. today raised its terror threat alert at home to ``orange,'' the second-highest level, Homeland Security Secretary Tom Ridge announced citing possible ``multiple attacks.''

The U.S. previously issued orange alerts on the anniversary of the Sept. 11 attacks and last month after intelligence suggested a possible attack linked to the Muslim religious observance.

Bush said in his 14-minute speech that ``every measure'' has been taken to avoid war in Iraq. He told Iraqis, ``if war comes, do not fight for a dying regime. It is not worth your own life.''

Bush will make a second, ``go to war speech'' if Hussein refuses to leave Iraq, Senator Joseph Biden, a Delaware Democrat, told reporters after being briefed by Bush.

The U.S. and U.K. push for a war, backed by Spain, to oust Hussein has frayed relations with traditional allies such as Germany. France and Russia, both with vetoes on the Security Council, said UN arms inspections were working and had threatened to block a war resolution.

Rift at UN

The UN Security hasn't lived up to its responsibilities, Bush said. The U.S. blamed France for mobilizing opposition.

France defended its stance, saying a ``huge majority'' of the council opposed the resolution. ``It is possible to disarm Iraq through peaceful means,'' said Jean-Marc de la Sabliere, the country's ambassador to the UN.

Before Bush spoke, Iraq rejected the U.S. ultimatum, Agence- France-Presse reported. Foreign Minister Naji Sabri called Bush ``the No. 1 warmonger in the world,'' AFP said.

The probability of Hussein accepting exile is low, Senate Armed Services Committee Chairman John Warner said after Bush briefed lawmakers. Bush is giving the Iraqi dictator ``this one last, clear option, that one man and his immediate family can avoid the risk and damage and loss of life,'' Warner said.

U.S. stocks rose as some investors anticipated a successful outcome in the war against Iraq, which has the world's second- largest oil reserves. Crude oil fell to a five-week low.

Warning to Leave

Bush warned journalists in Iraq to leave Iraq immediately. UN Secretary-General Kofi Annan said he's withdrawing UN staff and weapons inspectors from Iraq and is suspending the world body's oil-for-food program in the country.

Since 1996, Iraq has been allowed to export enough oil to buy $25 billion worth of food, medicine and oil-industry equipment under an exception to UN sanctions that were imposed after the country's 1990 invasion of Kuwait. The UN must approve Iraq's oil sales.

The UN also withdrew border monitors from neighboring Kuwait, and the U.S. and the U.K. ordered embassy and other staff out of that country. Russia urged its nationals to leave Iraq, while Germany, Switzerland and China began evacuating embassies in the capital, Baghdad.

The troop buildup in the region includes more than 225,000 from the U.S., 45,000 from the U.K., and 2,000 from Australia.

Warplanes, Ships

The U.S. sent B-2 Stealth bombers to the region from their base in Missouri last week. The Navy has five aircraft carriers in the region with about 300 aircraft, and a sixth carrier, the USS Nimitz, is on the way.

The Navy on March 14 moved a dozen warships from the Mediterranean to the Red Sea after Turkey refused to let the U.S. use its airspace to attack Iraq, a Navy official said.

The U.S. is still pursuing talks with Turkey, and Prime Minister Recep Tayyip Erdogan will convene his Cabinet tomorrow to revive a proposal to base U.S. troops in the country, Deputy Prime Minister Abdullatif Sener told reporters in Ankara.

Blair's support for the U.S. has cost him backing within his Labour party at home. Robin Cook, who served as his foreign secretary until 2001, quit today as leader of the House of Commons. A YouGov poll published yesterday said 60 percent of U.K. voters oppose war without a UN mandate.

In San Francisco, protesters in tragedy masks and body bags blocked rush-hour traffic today while others lined sidewalks shouting ``Stop the War.''

Short War Seen

Investors were encouraged that the uncertainty surrounding the run-up to a possible war will be ended and that the U.S. will win easily. The Standard & Poor's 500 Index surged 29.52, or 3.5 percent, to 862.79.

``The conventional wisdom is that the war will be very successfully fought and concluded quickly,'' said Marshall Front, chairman of Front Barnette Associates LLC, which has $1.3 billion under management in Chicago. That's ``ending one of the uncertainties that has plagued the economy and the market.''

Europe's Dow Jones Stoxx 50 and Stoxx 600 indexes notched their biggest three-day gains.

Crude oil for April delivery fell 45 cents, or 1.3 percent, to $34.93 a barrel on the New York Mercantile Exchange. ``Once the war begins, we'll probably see the release of the Strategic Petroleum Reserve,'' said Tom Bentz, a broker at BNP Paribas Commodity Futures Inc. in New York.

Bush, who met with Blair and Spanish Prime Minister Jose Maria Aznar in the Azores yesterday, determined that diplomacy had failed after he and Secretary of State Colin Powell made phone calls this morning, Fleischer said.

Bush today called King Juan Carlos of Spain, Bulgarian Prime Minister Simeon de Saxe-Coburg-Gotha, Australian Prime Minister John Howard and Israeli Prime Minister Ariel Sharon to discuss Iraq's failure to disarm.

Bush and Powell said that existing UN resolutions authorize the use of force against Iraq. ``The U.S. has a duty to protect itself,'' Bush said.

The Security Council unanimously approved Resolution 1441 on Nov. 8, ordering Iraq to dismantle its biological, chemical and nuclear weapons programs or face ``serious consequences.''



To: afrayem onigwecher who wrote (11277)3/18/2003 2:30:43 PM
From: Sir Auric Goldfinger  Read Replies (1) | Respond to of 19428
 
A L T M A N ' S Z - S C O R E M O D E L: W E L Boots & Coots/ International Control Inc

Total Assets 7.93
Working Capital -15.78
Retained Earnings -71.05

Earn Before Int & Taxes -1.18
Market Value of Equity 3.59
Total Liabilities 19.90
Sales to Total Assets 2.28
Total Shareholders' Equity -11.97

Financial Health Assessment and Outlook

Reference Date 9/2002 Calculate: A
Credit Rating N.A. Altman's Zscore -13.04
Health Grade F