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Technology Stocks : Y2k : effects on non Y2k related stocks -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (9)	6/20/1998 3:22:00 AM
From: John Mansfield	Respond to of 54

A closer look at the SEC filings (much stricter in the future) might be helpful... ' SEC tightens up on year 2000 requirements .... 'U.S. companies are not providing the kind of meaningful information necessary for even the most sophisticated investors to assess year 2000 readiness," said Sen. Robert Bennett (R-Utah) at a hearing of the Subcommittee on Financial Services and Technology. "There was very little information in the disclosures, but there's enough to make us worry," said Edward Yardeni, chief economist at Deutsche Bank Securities in New York, in an interview after testifying before the committee. Yardeni said the SEC should demand that in each quarterly report companies disclose the percentage of their critical systems that are fixed. He said the SEC should consider asking companies to file a special year 2000 report that is separate from quarterly or annual statements. In his own study of 500 publicly traded companies, Yardeni said most are looking only at the material impact of year 2000 problems and repairs during 1998 and 1999. They aren't looking at 2000 and beyond when the odds are greater that major problems -- the failure of critical systems, for example -- could occur. Reports from AT&T Corp. in Basking Ridge, N.J., for example, state that the company expects to spend $350 million this year on year 2000 repairs and that it is still assessing the impact in 1999, Yardeni said. The company has provided more information on its World Wide Web site about preparations, but "most of it is vague and of little investment value," Yardeni said. .... computerworld.com