Re: [CANSLIM] WCOM restatement

From: Kent Norman <kent_norman@yahoo.com>
Subject: Re: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 05:20:30 -0700 (PDT)

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This is from Quicken.com, I was surprised by the huge gap between 1st
and 3rd place.

competitors in the Long Distance Carriers industry.

 Company Name	 Symbol	 Mkt Cap (000's)
AT&T CORP	 T 	 $35,950,127 
WORLDCOM 	 WCOM 	  $2,459,154 
GENERAL COMMUN.  GNCMA 	    $441,993 
WORLDCOM-MCI GRP MCIT 	    $215,586 
PRIMUS TELECOM	 PRTL 	     $37,585

Kent

- --- Tom Worley <stkguru@bellsouth.net> wrote:
> employee stock options
> 
> reading the news this morning, it's clear the world has concluded
> that
> bankruptcy for Worldcom is going to happen, and soon, with a
> subsequent
> restructuring if it survives. All the banks across the globe must
> have been
> up all night figuring out their exposure. Looks to be wide spread,
> haven't
> seen any one yet with more than $300 million in exposure, with most
> in the
> size of $150 to 200 million.
> 
> And MU's surprising loss reported after yesterday's close has futures
> indicating down another 5% today. This is so far past ugly that
> either
> collapse or capitulation cannot be far away. Let's see, DOW at 5,000,
> now
> there's a nice round number.
> 
> It's getting too hard to make money in this market, succeeded
> yesterday in
> both real world and VR accounts, but expect to pay the price today.
> 
> ----- Original Message -----
> From: "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> <john.cefaloni@us.army.mil>
> To: <canslim@lists.xmission.com>
> Sent: Wednesday, June 26, 2002 7:18 AM
> Subject: RE: [CANSLIM] WCOM restatement
> 
> 
> Well said, Tom.  What is it that makes people do things for temporary
> gain
> when they know they'll probably get slammed for it in the future?
> 
> I guess it's just greed, stupidity and arrogance.
> 
> -----Original Message-----
> From: Tom Worley [mailto:stkguru@bellsouth.net]
> Sent: Wednesday, June 26, 2002 12:53 AM
> To: CANSLIM
> Subject: [CANSLIM] WCOM restatement
> 
> 
> once again, Andersen strikes again, this time by signing off on
> Worldcom
> hiding over $3 billion in expenses as capital expenditures, and thus
> inflating cash flow. Restatement expected to take away last five
> quarters of
> profits and turn them into losses.
> 
> Who gave this sanction to a deviation from GAAP (Generally Accepted
> Accounting Principles)?? Andersen, of course. It's clear that Enron
> was only
> the tip of the iceberg, as if Waste Management, Sunbeam, and a host
> of other
> companies were not sufficient warning of major problems in corporate
> policy
> and infrastructure. Sad to see a great name like Andersen prostituted
> to
> selling its certification services for any price, but also clear that
> it
> must disappear from corporate America. And until every major company
> audited
> by Andersen undergoes a special review by the SEC on accounting
> practices, I
> doubt anyone will believe that we have finally seen it all.
> 
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
> 
> 
> 
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