Word: nasdaq
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...anybody out there investors can trust? Wall Street was pondering that today as markets were hammered following last night's announcement that WorldCom had inflated profits by a staggering $3.8 billion over the past five quarters. The Dow skidded towards the 9,000 level, while the news pushed the NASDAQ (on which WorldCom trades) to near post-Sept. 11th levels...
...Paolo Cantarella resigned. He was replaced by Paolo Fresco, who learned his management style under Jack Welch at General Electric. No Trade Is An Island Instinet, a unit of British media group Reuters, will buy rival electronic-trading firm Island for $508 million in stock. The deal combines NASDAQ's two biggest rivals. French Attack Shares in MobilCom fell 46% to ?7.25 when France Telecom said it was severing relations with the German phone operator for refusing to dismiss CEO Gerhard Schmid. INDICATORS A Toast With The Most Scotland may not have made it to the World Cup, but they...
...their own thing but together make up an entity of almost unfathomable complexity. Change the word neurons to "six-legged workers," and you'd have an ant colony. Change "ants" to "online buyers and sellers," and you'd have eBay. Change that to "stock traders," and you'd have NASDAQ...
Despite the rally last Wednesday, the S&P 500 is down 8% for the year, the nasdaq has fallen 18%, and the Dow is down 1%. None of the major averages have dropped to their September low, though the nasdaq 100 (made up of the biggest stocks on that market, including Microsoft and Intel) is close. And already 1 in 8 stocks in the S&P 500 is below those September thresholds, including AOL Time Warner (which publishes TIME), Corning, EDS, Halliburton, IBM, Lilly, Merck and Verizon, reports Salomon Smith Barney...
...everyone is so gloomy. Barton Biggs, chief global strategist and longtime bear at Morgan Stanley, says the "lows should hold, but it will be scary." Richard Bernstein, market analyst at Merrill Lynch, expects the nasdaq to drop to new lows. He sees the broader market avoiding that fate yet delivering subpar returns for the next few years. He and others are concerned that many stocks remain expensive relative to earnings. The S&P 500 trades at 28 times last year's earnings. A multiple of 18 to 20 would be normal coming out of a recession. Investors normally focus...