Bond yields rose to nearly two-week highs, and the yen rallied for a second straight day on expectations Japanese investors will repatriate foreign assets as the fiscal year ends. ‘There’s a crisis of confidence out there in the very near term,’ said Larry Rice, chief investment officer at Fahnestock & Co. ‘Economic recovery is spotty at best… Valuations are still high.’ Investors are on edge after a series of accounting scandals, starting with collapsed energy trader Enron Corp.
to, most recently, bankrupt telecom firm Global Crossing. Nortel slumped more than 6 percent, although the Canadian firm said stock deals leading to the executive’s departure were not part of a wider scandal. Lingering nervousness about other potential accounting blowups, uncertainty about the economy, fears of a possible attack on the United States and lackluster trading conditions kept the market under pressure. ‘I still think the accounting issues hang over the market like a dark cloud,’ said Eric Gustafson, portfolio manager at Stein, Roe & Farnham. ‘Every day that we can complete without any further accounting scandals is healthy for the market.’ The blue-chip Dow Jones Industrial average dropped 21. 04 points, or 0.
21 percent, to 9, 863. 74, while the broad Standard & Poor’s 500 index fell 4. 44 points, or 0. 4 percent, to 1, 107. 50. The tech-loaded Nasdaq composite index fell 12.
44 points, or 0. 67 percent, to 1, 834. 22. Trading volumes were moderate as uncertainty kept many investors on the sidelines. On the Big Board about 1. 1 billion shares changed hands, while about 1.
The Essay on Recent Accounting Scandals
Financial Reporting EthicsAdelphia1.John Rigas, other Rigas family members, Michael Mulcahey2.Adelphia backed off-the-book loans for the Rigas family totaling 3.1 billion dollars. The company also overstated earnings and purchased luxury items for the Rigas family.3.Companies are supposed to serve the stockholders interests and not the founder's interests. The Rigas family illegally used the money ...
5 billion were traded on Nasdaq. ‘There’s not a whole lot of inspiration out there,’ said Donna Van V lack, director of trading at Brandywine Asset Management, which oversees $7 billion. ‘It’s still a muddling-through process, and I don’t think there’s anything compelling to seize onto to really get aggressive in either direction.’ A warning by the FBI about a possible attack on the United States or its interests in Yemen added more uncertainty to Wall Street. It was the fourth alert in little more than five months after the Sept. 11 attacks that killed thousands in New York, Pennsylvania and near Washington D. C.
Accounting issues, however, took center stage. Harley-Davidson Inc. fell more than 5 percent as investors fretted over the company recorded gains on sales of loans and worried about a possible slowdown in demand for its distinctive heavyweight motorcycles. It dropped $3. 04 to $50. 99.
EMC Corp. dropped $1. 04 to $14. The U.
S. Securities and Exchange Commission last month met with a former EMC executive who has accused the world’s No. 1 maker of data-storage systems of improperly booking revenue with some customers, according to people familiar with the situation. Tyco International, which recently found itself swept up in post-Enron accounting concerns, fell $1. 30 to $30. 50 and was the New York Stock Exchange’s most actively traded stock.
‘We have seen that pessimism about ‘Enronitis’ may have been overblown, but there are definitely other shoes to drop,’ said Richard Babson, chairman of Babson-United Investment Advisors Inc. ‘There is more to be revealed out there.’ Former Enron Chairman Kenneth Lay appeared before the Senate Commerce Committee on Tuesday but refused to testify under his Fifth Amendment right against self-incrimination. The congressional hearings are keeping the accounting scandal that helped spark Enron’s blockbuster bankruptcy fresh in investors’ minds. Nortel said its chief financial officer quit after buying and selling company stock within his retirement plan in violation of company policy.
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RESUME Name: Sabina S. Villa-Abril le Date of Birth: May 27 th, 1975 Address: 1603 Renaissance 2000, Mer alco Ave. , Ortigas Pasi g Telephone: Home # - 6379020 (Tele-fax) Mobile # - 0916 315 3979 E-Mail: EMPLOYMENT HISTORY December 1999 - September 2001 AAPT PTY LTD CUSTOMER SERVICE REPRESENTATIVE I commenced employment at AAPT (Australia Associated Press Telecommunications), one of the largest ...
Nortel added in a separate statement that weak customer demand will make it hard to meet first-quarter revenue targets. Nortel fell 42 cents to $6. 42 and was among the most active stocks on the NYSE. The Standard & Poor’s communications equipment index fell 2.
78 percent. Lucent Technologies Inc. slumped 26 cents to $5. 99. Corning Inc.
lost 21 cents to $8. 04. JDS Uni phase Corp. surrendered 37 cents to $6. 55, and Ciena Corp.
dropped 39 cents to $10. 08. Cisco Systems Inc. eased 43 cents to $17.
26. Im Clone Systems Inc. rose 82 cents to $17. 65. The company rejected demands by Bristol-Myers Squibb Co. that it surrender a greater share of future profits from a cancer drug the companies are developing and that its two top executives step down.
Bristol-Myers added 21 cents to $45. 38. Recent economic numbers have hinted that the sagging U. S. economy may be recovering, but investors are demanding more proof.
The Commerce Department on Wednesday will release January retail sales numbers. The calendar of data gets busier as the week draws to a close, ending with reports on industrial production and consumer sentiment on Friday. At 4: 30 p. m.
EST (2120 GMT), two-year Treasury notes were down 6/32 at 99-31/32 even, yielding 3. 01 percent. Benchmark 10-year notes were down 16/32 to 99-5/32, yielding 4. 98 percent, and 30-year bonds were down 25/32 at 98-26/32, yielding 5.
46 percent. The euro settled at 87. 66 cents, little changed from 87. 62 cents late Friday.
The dollar fell to 132. 57 Japanese yen from 133. 35 yen. At the New York Mercantile Exchange, crude oil for March delivery closed 68 cents lower at $20. 73 a barrel on profit-taking after Monday’s speculative spike in prices. Overseas, London’s FTSE 100 benchmark index closed down 26.
1 points, or 0. 51 percent, at 5, 135. 7. In Tokyo, the Nikkei average ended up 191. 93 points, or 1. 98 percent, at 9, 877.
99, a gain of 4. 85 percent since hitting an 18-year closing low on Wednesday.
The Term Paper on Fourth Quarter Percent Year Microsoft
As our mission clearly states, Student Affairs strives to be an integral part of the education of students at Florida International University. Comprised of 19 major departments and units, the Division is involved in practically all aspects of a student's total education, both within and outside the classroom. More than 300 employees on both the University Park and Biscayne Bay Campus serve in ...
