It looks like a curb day today. That is, the fact that WorldCom (WCOM) cooked the books will cause the markets to slide so badly that the markets will only de slowed by market curbs being invoked. If anyone is planning on purchasing stock today, I would hold off until the end of the day. 10 day stock chart: http://bigcharts.marketwatch.com/in...date=&show=true&symb=wcom&draw.x=52&draw.y=11 WorldCom cooked the books to the tune of $3.8 billion. The stock fell approximately 75% in after hours trading. If this company goes down it will be the largest bankruptcy yet beating out even Enron. Layoffs totaling 17,000 have already been announced. The CFO was fired outright and the controller was allowed to quit. See story: http://cbs.marketwatch.com/news/story.asp?guid={8F86BD40-3E85-424B-B34A-7D058C3CD76F}&siteid=mktw
CNBC broke the story last night at about 6:15 PM EST. It's to late to sell this looser. It should have been sold two years ago. Are there still people that believe that you should bye and hold no mater what, out there? Here is a post I made in the general lounge on this story. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=197451#post197451
It doesn't surprise me about Worldcom they have been on the outs for a while. About the financial statements being cooked - doesn't surprise me either. Unfortunately, Enron, Kmart, and MCI are going to be a few of a long list of many corrupt companies that will spring up in the next few years. I expect Dynergy, AT&T, and Tyco to be next. Dani
What about Blockbuster? Aren't they in "cahoots" with MCI WorldCom? I mean, I get free rentals if I sign up for long distance offers in the mail all the time.
Wow, The stock went up 66% today. It went from $0.07 to $0.10. Anyone want to bet on which way the stock will move tomorrow? http://bigcharts.marketwatch.com/intchart/frames/frames.asp?symb=wcom&time=8&freq=1
They are close to filing for chapter 11. Stock down to $00.01. "DES MOINES, Iowa, July 18 (Reuters) - EMC Insurance Group Inc. (EMCI) on Thursday said it would write down $3.8 million of MCI Communications bonds as MCI's parent company, WorldCom Group (WCOME) , teeters on the brink of bankruptcy." If they do file, this action could start a chain reaction across all of the tell-co.'s to also file for chapter 11 BK protection. http://www.usatoday.com/money/covers/2002-07-15-telecom-disaster.htm
I hear Verizon knocking. So much for the destruction of Ma Bell, it has just reincarnated. My next pick for company going down the tubes...Lucent. AT&T and Sprint may be able to squeeze another year or two out. Dani
"WorldCom Bankruptcy May Be Near" They may file BK 11 on the Internet that they own a major part of on Sunday! ". . . -- WorldCom Inc., struggling to find billions to keep its telecommunications empire from crumbling, may be only days from a bankruptcy filing that would dwarf those seen in the past." http://cbs.marketwatch.com/tools/qu...3&guid={9FB3EB72-8263-4F24-9616-2A0D93028C0A}
Don't touch the technology stocks right now, you will burn your fingers. http://quote.bloomberg.com/gcenter/...ote3=&EXCH=US&T=markets_gcenter99.ht&x=35&y=6
Qwest going down. Everything else is going up. July 29 "Qwest will restate results Company admits improper accounting Qwest Communications shares swooned on Monday after the company said it would restate financial results for 1999 through 2001 due to the use of improper accounting methods, and warned its accounting review is still not complete." The stock is at $1.25 down .24. http://quote.bloomberg.com/gcenter/...ote3=&EXCH=US&T=markets_gcenter99.ht&x=41&y=8 http://cbs.marketwatch.com/news/story.asp?siteid=mktw&guid={703C79CF-0F9A-4000-8EB1-C63727506676}&
