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6-26-02 Wall street watch

Posted on 06/26/2002 6:21:00 AM PDT by 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


TOPICS: Breaking News
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1 posted on 06/26/2002 6:21:00 AM PDT by newsperson999
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To: newsperson999
I think we're beginning to see just how much of the "Clinton Market" was based on fictional accounting. It will probably unravel further.
2 posted on 06/26/2002 6:23:46 AM PDT by r9etb
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To: newsperson999
Anyone have picks for well run and honest companies to invest in?
3 posted on 06/26/2002 6:25:44 AM PDT by 2banana
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To: newsperson999
How bad you think it'll be? Dow down by how much? 200? 250? 300? What the heck do I know, but it seems like folks could just blow it out right now. Today. How much more news like this can people take?
4 posted on 06/26/2002 6:26:30 AM PDT by Huck
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To: 2banana
I bought Johnson and Johnson about 10 years ago. Talk about a solid comapny! Even with all the ups and downs in the market it returned an average of 12%-17% per year..It has been one of the top stocks the past decade and with the baby boomers aging it shows no signs of slowing down.
5 posted on 06/26/2002 6:28:48 AM PDT by newsperson999
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To: 2banana; CROSSHIGHWAYMAN
Freeper CROSSHIGHWAYMAN told me about these a while back:

AHR, AXM, EDF, HCM, HGT, CARS

I don't have a position in any of them, but look 'em up. Cheap stocks that have performed well. I think he was doing what a lot of folks have been doing: taking positions in gold and defense stocks.

6 posted on 06/26/2002 6:29:19 AM PDT by Huck
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To: newsperson999
what's the ticker on J&J?
7 posted on 06/26/2002 6:29:56 AM PDT by Huck
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To: newsperson999
A death watch....
8 posted on 06/26/2002 6:30:45 AM PDT by anniegetyourgun
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To: 2banana
I recently took chances on Curtiss-Wright(CW) and Helmerich and Payne(HP). What I liked about them were their low p/e's, low debt, and that they pay dividends.
9 posted on 06/26/2002 6:30:51 AM PDT by Stirner
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To: r9etb
Amen. This one overshadows the Enron fiasco. 17,000 layoffs beginning day after tomorrow.....
10 posted on 06/26/2002 6:31:37 AM PDT by anniegetyourgun
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To: Huck
jnj
11 posted on 06/26/2002 6:31:43 AM PDT by newsperson999
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To: Huck
I think one of the keys if if people keep taking "positions" in gold. If they start to demand delivery we got a real problem.
12 posted on 06/26/2002 6:32:05 AM PDT by steve50
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To: newsperson999
"Experts" are predicting a crash of over 10%.
13 posted on 06/26/2002 6:32:08 AM PDT by Tuco-bad
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To: newsperson999
Wall street watch? You can probably pick up a lot of nice watches for cheap on wall street today. Open a pawn shop you'll probably get hundreds of them.
14 posted on 06/26/2002 6:32:25 AM PDT by monkeyshine
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To: newsperson999
DOW down 105 at the open
15 posted on 06/26/2002 6:32:39 AM PDT by CFW
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To: 2banana
Anyone have picks for well run and honest companies to invest in?

Well run? - What is your definition?

Honest? - There are none!

16 posted on 06/26/2002 6:33:29 AM PDT by Tuco-bad
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To: steve50
My understanding is that some of this is gold-related stocks, not just gold itself, but I could be wrong.
17 posted on 06/26/2002 6:33:44 AM PDT by Huck
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To: CFW
It's fallen 127 points in the first 5 minutes according to My Yahoo.
18 posted on 06/26/2002 6:33:49 AM PDT by Frapster
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To: anniegetyourgun
My brother works for them in Atlanta. (WorldCom) Of course, he knew nothing about this latest fiasco until yesterday; he heard about it the same time we did. I am positive he will be one of the 17,000 laid off. But he'll find work.

DJI already down 161 points.

19 posted on 06/26/2002 6:34:00 AM PDT by DJ88
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To: 2banana
Gold mining stocks will do well today. Everything else is pretty dicey.
20 posted on 06/26/2002 6:34:30 AM PDT by Dog Gone
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To: Tuco-bad
Just out of curiousity...at what level would they close the markets, if it came to that? Thanks.
21 posted on 06/26/2002 6:35:04 AM PDT by DJ88
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To: 2banana
At one time, I thought I did -- like JNJ, but all this makes anyone pretty scared.
22 posted on 06/26/2002 6:35:18 AM PDT by JimSEA
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To: newsperson999
just more of the CLINTON LEGACY -- everything Clinton built on was lies -- HYPE, HYPE, HYPE. Now the "Bill" has come due.
23 posted on 06/26/2002 6:35:46 AM PDT by jrlc
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To: DJ88
I wouldn't be so sure about the finding work part.
24 posted on 06/26/2002 6:36:03 AM PDT by StockAyatollah
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To: DJ88
down 177 in first 5 minutes.....
25 posted on 06/26/2002 6:36:19 AM PDT by anniegetyourgun
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To: StockAyatollah
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.
26 posted on 06/26/2002 6:38:27 AM PDT by DJ88
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To: Stirner
We should also check to see who the prospective investment's accountant agency is. Wasn't WorldCom's accountant Arthur Andersen?
27 posted on 06/26/2002 6:38:49 AM PDT by mewzilla
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To: newsperson999
Don't worry. Alan "Maestro" Greenspan and the fed will save us today. </sarcasm>
28 posted on 06/26/2002 6:39:12 AM PDT by StockAyatollah
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To: anniegetyourgun
Looks as if it's stayed at that number for a few minutes..
29 posted on 06/26/2002 6:39:42 AM PDT by DJ88
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To: jrlc
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...

30 posted on 06/26/2002 6:39:52 AM PDT by Fury
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To: mewzilla
Yes, indeed, it was Arthur Anderson. Coincidence???
31 posted on 06/26/2002 6:40:20 AM PDT by DJ88
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To: DJ88
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.

32 posted on 06/26/2002 6:40:32 AM PDT by Tuco-bad
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To: DJ88
coming back some down 140
33 posted on 06/26/2002 6:40:37 AM PDT by newsperson999
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To: Huck
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.
34 posted on 06/26/2002 6:41:21 AM PDT by steve50
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To: 2banana
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.

35 posted on 06/26/2002 6:41:35 AM PDT by Cincinatus
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To: anniegetyourgun
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...
36 posted on 06/26/2002 6:41:39 AM PDT by Wyatt's Torch
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To: mewzilla
I should have said auditor. Back to Investing for Dummies for me...
37 posted on 06/26/2002 6:41:41 AM PDT by mewzilla
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To: Tuco-bad
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. :-)
38 posted on 06/26/2002 6:41:55 AM PDT by DJ88
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To: steve50
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.
39 posted on 06/26/2002 6:42:31 AM PDT by JimSEA
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To: DJ88
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.
40 posted on 06/26/2002 6:43:09 AM PDT by Frapster
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To: newsperson999
"Value" Players buying or shorts covering. I think we have further negative territory to discover.
41 posted on 06/26/2002 6:43:18 AM PDT by StockAyatollah
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To: steve50
well, like I always say, what do I know?
42 posted on 06/26/2002 6:43:20 AM PDT by Huck
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To: Frapster
I haven't talked to my brother, either. I usually see him online, but he's not online today.

Dow's -172 again.

43 posted on 06/26/2002 6:45:09 AM PDT by DJ88
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To: Tuco-bad
Those are the old numbers. I'm not sure of the new ones, but I think the first pause is at about -500, there may be a freeze on automated trading at a smaller loss.
44 posted on 06/26/2002 6:45:17 AM PDT by Woodman
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To: anniegetyourgun
Well, the market mavens have been pounding the drums for a blowoff event, to set the stage for the next rally. This may be the trigger that they were looking for.

Then the next question is: how low do we go before the rebound does start? My no-longer-educated guess is NASDAQ 800 and DOW 6300, i.e. another 40% downdraft on NASDAQ, and 30% on the DOW.

Here's to hoping the SEC and the Bush Justice Dept goes after the lawbreakers. Sending these corporate criminals to hard time is the medicine needed to cure this cancer.

This is a result when ethics no longer matters, and 'it's just about sex' in the Oval Office.

45 posted on 06/26/2002 6:47:13 AM PDT by Night Hides Not
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To: Night Hides Not
I believe that the Justice Department has already begun an investigation into WorldCom. Let's hope that those like Bernie Ebbers, who resigned a couple of months ago, and the CFO that was fired yesterday, spend some time in jail.
46 posted on 06/26/2002 6:49:48 AM PDT by DJ88
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To: Night Hides Not
My no-longer-educated guess is NASDAQ 800 and DOW 6300, i.e. another 40% downdraft on NASDAQ, and 30% on the DOW.

I seriously cannot imagine that this would occur... not unless there really are "nine other Enrons/WorldComs" out there. But 6,300 won't be reached on Enron/WorldCom alone... will it? *fidgets nervously*

47 posted on 06/26/2002 6:50:46 AM PDT by Frapster
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To: Night Hides Not
I hate to be a pollyanna with so much breast beating but I think the market will drop and start back up. I think the dishonesty is limited to a few high flyers and is not pervasive. The world political situation weighs more heavily in my mind. Soon as we invade Iraq or get Osama, the market will go right back into bull action. Or maybe I am just trying not to deal with the heavy losses we have taken.
48 posted on 06/26/2002 6:52:30 AM PDT by cajungirl
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To: Woodman
there may be a freeze on automated trading at a smaller loss.

Curbs come into effect with a 200 point move. There is a pause (an hour I think) with a 500 point move, and I think a complete closure with a 10% move.

49 posted on 06/26/2002 6:52:32 AM PDT by Dog Gone
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To: DJ88
To the extent they profited through options or bonuses, they must also be forced to disgorge those profits.
50 posted on 06/26/2002 6:53:20 AM PDT by p. henry
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