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screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
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That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
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--- Begin Message ---
-Caveat Lector-
U.S. markets rebound after WorldCom plunge
TSX down 99.82 points - it's 17th decline in 18 sessions this month
By Malcolm Morrison
CANADIAN PRESS
Stock markets closed mixed after investors were sent reeling by
corporate America's latest accounting scandal, which could turn out
to be the biggest corporate fraud ever.
Former Nasdaq darling WorldCom announced Tuesday that it disguised
$3.8 billion (U.S.) in expenses last year and early in 2002.
American indexes pulled back from steep declines but the Toronto
index was dragged down by three of its major stocks - Nortel
Networks, BCE and Royal Bank.
The S&P/TSX index closed down 99.82 points to 7,020.98 - its 17th
decline in 18 sessions this month, during which time the market
benchmark has given up 578 1/2 points, or 7.6 per cent.
The information technology sector sank 4.2 per cent as Nortel
Networks hit a new low of $2 before closing at $2.20, down 30 cents,
on trading of more than 70 million shares.
The TSX Venture Exchange was off 15.82 points to 1,168.45.
The Canadian dollar declined 0.14 of a cent to 65.83 cents (U.S.).
New York's Dow Jones industrial average came back from a 200-point
decline to close down 6.71 points at 9,120.11.
The Nasdaq initially dived to levels not seen since the intraday
trough of 1,387 it hit Sept. 21 but finished the session with a gain
of 5.34 points at 1,429.33.
The S&P 500, the benchmark for U.S. large-company stocks, fell 2.61
points to 973.52 - five points above its Sept. 21 close.
Despite the revival in indexes during the session, analysts say the
damage to investor confidence is deep. U.S. President George Bush
called the WorldCom scandal outrageous and said the government ``will
fully investigate and hold people accountable."
The income restatement may be the final blow for WorldCom, already
reeling from a low stock price, a feeble telecommunications market
and a U.S. Securities and Exchange Commission investigation.
And the news from America's second-largest long-distance operator was
another slam at the sentiment of investors, already disgusted with a
parade of scandals encompassing some of the biggest names in
corporate America, notably Enron and Tyco.
"It raises the issue again of how little faith investors can put in
reported profit numbers now, or even balance sheet numbers," said
Doug Porter, senior economist at BMO Nesbitt Burns.
"I think it's just another torpedo to investor confidence." On the
Toronto market, technology stocks taking a hit included Celestica,
down 90 cents to $33.30, and ATI Technologies, down 45 cents to
$9.75.
Exfo Electro-Optical Engineering reported a quarterly loss of $263.8
million (U.S.), and its shares faded 10 cents to $2.65.
Financials were down 1.4 per cent as the trouble at WorldCom reminds
investors of the possibility of loan losses. Royal Bank said it would
issue a release if it had "material" exposure to the company yet its
stock fell $1.76 to $51.01. TD Bank, which said it has no exposure to
WorldCom, was up $1.25 at $34.50. After the close, TD said it had
$222 million (U.S.) in exposure to Adelphia, which filed for Chapter
11 bankruptcy protection Tuesday.
The WorldCom problems could help competitors Sprint and AT&T, which
said late Tuesday it will buy all the shares of AT&T Canada that it
doesn't already own for $5.1 billion, under the terms of a 1999
agreement. AT&T Canada shares surged $1.38 to $48.70.
But the overall TSX telecom sector was off 2.5 per cent as BCE fell
55 cents to $24.90 and Telus slid 45 cents to $10.
The consumer discretionary sector was down 1.1 per cent as Rogers
Communications B lost $1.15 to $13.80 and Hudson's Bay lost 27 cents
to $13.30.
Shaw Communications B closed down $1.89 to $17.20 after a sharply
deeper three-month loss of $90.9 million as it wrote off its $269-
million investment in GT Group Telecom, a struggling Toronto-based
telecom operator.
GT Group Telecom announced it is cutting 360 jobs as it tries to
restructure under court protection from creditors. Its A shares were
up one cent to 3.5 cents.
Mitec Telecom plunged 75 cents to $1.50 after it warned that troubles
in the telecom sector, a downturn in its Swedish operations and the
integration of an acquisition will lead to a quarterly loss of
between $12 and $13 million.
Sobeys rose 20 cents to $39.25 after Canada's No. 2 supermarket
operator said its annual profit quintupled to $210.6 million, largely
due to the sale of its food distribution business.
The TSX gold sector was down 1.7 per cent. Placer Dome declined 60
cents at $18.50 after Australia's AurionGold urged shareholders to
delay accepting Placer Dome's all-stock takeover bid.
Toronto volume was 250.6 million shares worth $2.99 billion as
decliners outpaced advancers 792 to 329 with 179 unchanged.
The Nasdaq Canada index fell 4.32 points to 231.35.
http://www.thestar.com/NASApp/cs/ContentServer?
pagename=thestar/Layout/Article_Type1&c=Article&cid=1022100365269&call
_page=TS_Business&call_pageid=968350072197&call_pagepath=Business/News
&col=969048863851
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DECLARATION & DISCLAIMER
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ctrl is a discussion & informational exchange list. Proselytizing propagandic screeds
are unwelcomed. Substance—not soap-boxing—please! These are sordid matters and
'conspiracy theory'—with its many half-truths, mis-directions and outright frauds—is
used politically by different groups with major and minor effects spread throughout
the spectrum of time and thought.
That being said, ctrl gives no endorsement to the validity of posts, and always
suggests to readers; be wary of what you read. ctrl gives no credence to Holocaust
denial and nazi's need not apply.
There are two list running, ctrl@yahoogroups and [EMAIL PROTECTED],
ctrl@yahoogroups has unlimited posting and is more for discussion.
[EMAIL PROTECTED] is more for informational exchange and has limited posting
abilities.
Let us please be civil and as always, Caveat Lector.
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<A HREF="http://www.ctrl.org/";>www.ctrl.org</A>
DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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