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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (31583)	4/8/1999 12:10:00 PM
From: NickSE	Read Replies (1) \| Respond to of 86076

Fake internet report lifts stock Thursday, 8 April 1999 12:03 (GMT) NEW YORK, April 8 (UPI) - Using a personal World Wide Web site intended to look like an internet page of Bloomberg News, someone posted a fake report yesterday that said technology company Pairgain Technologies Inc. was being taken over by an Israeli rival. The report spread to a Yahoo message board and then to other sites frequented by stock traders, who quickly bid up Pairgain's stock by more than 30 percent. By midday, the stock retreated as the takeover report was denied, but it still finished the session as one of the most heavily traded issues on Nasdaq, ahead of such popular ones as Amazon.com and E-trade Group. The hoax, which is under investigation by the Securities and Exchange Commission and Nasdaq officials, shows the startling influence of internet chat rooms and the power of day traders, who can easily move the price of relatively small stocks with their trades. Bloomberg said the article was not the work of any of its reporters. The prankster has not been found. vny.com