Hoax sends Emulex stock plummeting - temporarily

Article Abstract:

Emulex saw its share price lose value by as much as 62% on Aug 25, 2000 when online news service Internet Wire posted a falsified press release, which stated that the company is being investigated over its accounting practices, its CEO had resigned and lost earnings for 4th qtr 2000. Internet Wire said it did not bother to call Emulex over the veracity of the press release since it was accompanied by a secret code known only to Internet Wire users and staff. Internet Wire CEO Michael Terpin said the perpetrated the act knew the system from using it or knew how to figure it out.

Telephone Apparatus Manufacturing, California, Services information, Data Communications Equip, Data communications equipment, Emulex Corp., Internet Wire

---

Priceline battered following forecast

Article Abstract:

Shares of Priceline.com fell by 42% in value after the name-your-price electronic retailer said it would not meet revenue expectations for 3rd qtr 2000. A slump in Priceline's core airline ticket business resulted only in quarterly revenues of $340 to $345 million, lower than analysts' estimates of $380 million, and down from the $352 million it earned during 2nd qtr 2000. Lower revenues resulted in a sell-off of Priceline's stocks, which fell by $7.89 to $10.75 on Sep 27, 2000.

Priceline.com

---

Shareholder watchdogs put on the spot

Article Abstract:

Rule changes that are being considered by the Securities and Exchange Commission in the area of corporate audits are seen as potentially harmful to Internet stock investors. The proposed rules, which are meant to prevent bogus accounting, could expose audit committees to potential liabilities in the event of a misaccounting. That could result in a number of qualified professionals declining offers for audit committee memberships in Internet firms.

Government regulation (cont)

Similar abstracts:

• Abstracts: Mutual fund companies are stocking up on gains. Money keeps flowing into mutual funds. Mutual funds let managers run hedge funds as perk
• Abstracts: Grocery list: milk, bread, QuickMedx. Priceline outperforms forecasts, but stock still sinks. Priceline.com's stock gets pumped up
• Abstracts: Do Popeye and Bluto love juice - or each other? Adidas reruns old formula with Kobe. Duck ads have new customers flocking to AFLAC
• Abstracts: Crossing into cinema and real life. Fighting off zombies and insults from TV hosts. Pure, simple fun. Cynics, beware
• Abstracts: States act to keep drug prices down. Pharmacies report no run on drugs for Y2K

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.