the Case of the Freeper FRiva Feva is under scrutiny - super-sleuths are welcomed
come resolve the way to yesterday's Target Post, you're not out of the running yet
win your registration fees to the FRive Las Vegas Conference if you dare
Posted on 06/27/2002 11:03:30 AM PDT by RoughDobermann
DETROIT, June 27 (Reuters) - Shares of General Motors Corp. (NYSE:GM - News) were briefly halted on the New York Stock Exchange on Thursday and fell after trade resumed amid unconfirmed market rumors of accounting irregularities at the world's largest automaker.
A GM spokesman had no immediate comment on the rumors. GM shares down $1.08 to $52.00 or about 2 percent, in midday trade. The shares hit a low of $51.50 earlier on Thursday.
"GM is down on vague accounting rumors flying around today," said Brian Pears, head of equity trading at Victory Capital Management. "That's why we sold off."
The market rumors come as the investors fret over the latest accounting scandal -- WorldCom Inc.'s (Nasdaq:WCOME - News) bombshell announcement earlier this week that it would have to restate earnings after improperly booking nearly $4 billion in costs and false reports of profits over the last five quarters.
the Case of the Freeper FRiva Feva is under scrutiny - super-sleuths are welcomed
come resolve the way to yesterday's Target Post, you're not out of the running yet
win your registration fees to the FRive Las Vegas Conference if you dare
Reuters Business Report
GM Denies Rumors of Irregularities
DETROIT (Reuters) - General Motors Corp. (NYSE:GM - News) on Thursday denied market rumors that it had any accounting irregularities, which hit the stock price of the world's largest automaker and caused it to briefly halt trading.
"General Motors is not subject to an accounting investigation and strongly believes that its accounting is appropriate," a GM spokesman read from a statement. "GM believes that rumors of irregularities in its accounting are unfounded."
GM shares were down $1.11, or 2.1 percent, at $51.97 in midday trade on the New York Stock Exchange. The shares hit a low of $51.50 earlier on Thursday.
The rumors are the latest to hit the market since WorldCom Inc.'s (Nasdaq:WCOME - News) bombshell announcement earlier this week that it would have to restate earnings after improperly booking nearly $4 billion in costs and false reports of profits over the last five quarters.
She sold a few weeks back when a bird told her to.
he,he
"GM defended themselves by issuing a press statement saying that they have never been the first one to the market with a new idea."
I've noticed that the classic commercial for Haley's MO with the bigmouth lady has been running again.
By: Christine Richard
Dow Jones Newswires
NEW YORK -- Rumors that General Motors Corp. was planning to hold a conference call to discuss accounting issues at its financing unit, General Motors Acceptance Corp., were denied by GM spokeswoman Toni Simonetti Thursday.
The rumors caused imbalances in the trading of both the company's stock and exchange-traded bonds, leading to a brief halt in the trading of its securities.
Ms. Simonetti told Dow Jones Newswires that the rumor was "troubling" and said the company was seeking to track down the source of it.
GM Spokesman Jerry Dubrowski said the company had prepared the following formal statement in reaction to Thursday morning's rumor:
"GM is not subject to an accounting investigation and strongly believes that its accounting is appropriate. GM believes that rumors of irregularities in its accounting are unfounded."
Mr. Dubrowski said the company hasn't been able to find the source of the rumor.
The rumor comes two days after WorldCom Inc. (NasdaqNM: WCOM - News) (WCOME) disclosed it had inaccurately accounted for $3.8 billion in expenses, causing its earnings to be inflated for the last five quarters.
In afternoon trading on the New York Stock Exchange, shares of GM fell 71 cents, or 1.3%, to $52.37. Earlier, the stock was as low as $50 on the rumors.
Yield margins on GM/GMAC bonds were quoted as much as 0.20 percentage wider on the rumors but rebounded from most of those losses after the company denied the market chatter. Yield margins on the bonds recently were quoted 0.05 percentage point wider.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.