WorldCom fired its CFO after uncovering $3.6 billion in fraudulent accounting over the past 5 quarters, media reports said Tuesday night. Shares fell 65 percent after hours. looks like it could be a rough day tomorrow. s&p trading at approx. 958 right now.
Weird man, I traded WCOM all day today, and almost got stuck at the close with a short position at .85 ...... too bad !
In its online edition, the Wall Street Journal says the struggling telecom company has discovered more than $3 billion in expenses that were improperly booked as capital expenditures. The paper cites sources as saying the financial gimmick boosted the firm's cash flow and profits over the past five quarters. The discovery came to light during an internal investigation. WorldCom has reportedly fired its longtime chief financial officer, Scott Sullivan. should make for an interesting trading day tomorrow. the sept. lows correspond to approx. 955 in the sept. s&p future contract.
Rigel...I know I"m afraid to commit to anything longer than a few minutes in this market... Bloomberg hasn't said a whisper about the wcom thing...
If one were a Bull it would be nice for them if the powers that be were to manupilate prices lower afterhours. Cheap prices in the morning. Everythings on sale.