'Prompt disclosure' and Apple: is silence golden?
Article Abstract:
Apple's initial unwillingness to confirm or deny reports that it had replaced CEO Michael Spindler with National Semiconductor Chmn and CEO Gilbert Amelio causes uncertain trading among investors. Apple's failure to promptly clarify conflicting published reports and notify investors of an already consummated management change defies Nasdaq's rules calling for prompt disclosure of material company changes. However, Nasdaq declined to impose a halt to the trading of Apple shares, announcing at the end of trading that all obligations had been met. Analysts suggest that Apple may have invoked a stipulation in Nasdaq's regulations allowing for a company to withhold such information while a merger is pending. Apple and Sun Microsystems have been engaged in ongoing acquisition discussions for weeks preceding Apple's CEO change.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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Dell shares plunge in after-hours trading; a warning that rising memory chip prices will hurt earnings
Article Abstract:
Dell Computer Corp.'s securities dropped in value in after-hours trading from the Oct. 18, 1999 Nasdaq closing price of $41.3125 to $37.75. The drop in stock price is attributed to the company's warning about third-quarter earnings, which may not meet expectations because of the rise in price of D-RAM, or dynamic random access memory chips. The earthquake in Taiwan has interrupted production of the chips which has caused a dramatic rise in price and a supply shortage. Dell emphasizes the duration of the shortage and price hike are not expected to be long-term. The company will release third-quarter results on Nov. 11, 1999. Earnings are expected to be off 10% or two cents a share.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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