6-26-02 Wall street watch

[newsperson999]

It's going to be a long day folks, Worldcom has the market on edge. Overseas markets were down 2-4% and the Dow futures are off by 225 right now.
New Worldcomm Fraud forum here click

[DJ88]

Just out of curiousity...at what level would they close the markets, if it came to that? Thanks.

[JimSEA]

At one time, I thought I did -- like JNJ, but all this makes anyone pretty scared.

[jrlc]

just more of the CLINTON LEGACY -- everything Clinton built on was lies -- HYPE, HYPE, HYPE. Now the "Bill" has come due.

[StockAyatollah]

I wouldn't be so sure about the finding work part.

[anniegetyourgun]

down 177 in first 5 minutes.....

[DJ88]

Should have clarified..sorry..he's already been offered another job with someone who used to work with him. Thank goodness..but of course, his stock is worth nothing. 7 years worth of hard work, right down the drain.

[mewzilla]

We should also check to see who the prospective investment's accountant agency is. Wasn't WorldCom's accountant Arthur Andersen?

[StockAyatollah]

Don't worry. Alan "Maestro" Greenspan and the fed will save us today. </sarcasm>

[DJ88]

Looks as if it's stayed at that number for a few minutes..

[Fury]

just more of the CLINTON LEGACY -- everything Clinton built on was lies -- HYPE, HYPE, HYPE. Now the "Bill" has come due.

Come on. Companies and execs have done dumb things long before Clinton was in office and will do dumb things long after. Lots of execs made bad business decisions in the late 90's, and lived life on the fat of their companies. They made bad decision THEMSELVES - they did not need Clinton's stupidity to help them along...

[DJ88]

Yes, indeed, it was Arthur Anderson. Coincidence???

[Tuco-bad]

Just out of curiousity...at what level would they close the markets, if it came to that? Thanks.

Good point - I believe they close down for an hour at -250 DJI, then again if down another 100 pts or so.

[newsperson999]

coming back some down 140

[steve50]

The stocks are just paper, subject to the same games everybody else has been playing. The price hasn't been high enough the last several years to encourage production. Much of the stock price reflects the "value" of reserves in ground based on drill samples.

[Cincinatus]

Southwest Airlines (LUV) is a solid, well run, profit-making company, the only airline I would buy, now or ever. Honda (HMC) is undervalued at the moment (a super buy) and is a great, stable company that makes quality cars. Home Depot (HD) has a zillion stores and is consistently in the black. Fannie Mae (FNM) has a huge projected earnings per share and is backed by the feds.

Don't listen to Comrade Tuco -- he's still mad that communism fell.

[Wyatt's Torch]

Frankly, this needed to happen. Equities are still overvalued. The WCOM catalyst may be the one to finally bring down unrealistic valuations. When the dust settles, equities will be fairly priced and primed to move up. Of course, that may be June of 2003 before it happens...

[mewzilla]

I should have said auditor. Back to Investing for Dummies for me...

[DJ88]

Thanks, Tuco. It doesn't look as if it's reached that level yet, although it's only be open for a few minutes, so who knows. :-)

[JimSEA]

I worked for many years both for a major gold producer and for companies related to this gold producer. I would not trust many of the gold producer's accounting practices any more than anyone else's. Blue Sky Mining is alive and well. Gold itself is only worth what people are willing to pay for it. Same as anything else.

[Frapster]

My brother worked for World Com in Tulsa, OK. A few months back they were going through layoffs and he was really getting tired of the tension in the air as a result. He left the company and is now doing contract work. I'm sure he's feeling pretty happy that he's not working there now in the middle of this mess. I haven't talked to him since the news broke.