Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Ben, you say few fictitious things
"USD, so you want to change your estimate
on the second survey? "
Change?
Fact: I never asked for a 2nd survey, and was against it
But you wanted to please some people and went ahead and did it. Now it is in place, and I thought I could throw in an estimate, since my 1st was meant and should stay with the original (1st survey).
Not big deal though.
I said "tampered" because it looked like a revolving door LOL.
Well, since you went back to my post (suggesting what?),
"I went back and read your post number 1516."
you should've not missed this:
"Ben, yep. I keep my estimates"
That was referring to THE survey , which is now the 1st!
cheers
p.s. I'm puzzled as why it has to be a so big deal now..
In my view only original estimates hold and have true value anyway.
Ben, even though
I keep my guess for August survey, but I feel that it was too high lol.
On the 2nd survey which anyway is tampered with I'd knock down a full $1 US.
That is August max $3.5 (if a range was allowed I'd chose 3-3.5), still high IMO lol, and funny, it will put me once again to the lower end, not that I aspired to it (maybe this because I'm not in love with NT?).
I get the feeling that investors will be hit real hard (not that they were spared so far).
2.75 probable. If 2.5 violated and traded heavily... it will be harder to tell a bottom..
I guess I have to look around for another Canadian company for RRSP.
cheers
sage, thanks for the charts
1. PSAR kind of cluttering the picture, being more in the way than helping (however, this time was OK)
2. until recently I didn't know stockcharts CAN offer 20 days of intraday hourly bars. I asked about it around and ... nothing. So I lived under the impression that it's not available for 'us' (yet). Then I saw one posted. So, (if it's not too much) it would be cool if you'd post one once a week on NT and bell CSCO, with BB, RSI, W%R, EMA 5 10 20 50.
3. I know OBV is NOT perfect (what is?), but so is A/D. 'They' can manipulate indicators quite badly. That is why I look upon few , so to see confirmation or divergence.
The greatest "indicator" of them all is TRADED PRICE and ACTION, especially connected with news. That's hardest to manipulate. The drawback is that one must become very fluent in reading and interpretation to get the benefit. I keep straggling.
I look at OBV and A/D and see/use different things than what we're told in instructions. For example, angles and height, also compared with price line. This gives you a feel for bias, NOT price forecasting.
I suggest you look at A/D together with OBV and Money Flow. It's better/faster feel this way (for me anyway).
cheers
Ben, we're in the expiration week...
and the max pain (site) shows $4 US
Was it too much of a pain to hold it there until Friday ? (LOL)
More so, the max pain for June is $5 US. Well, I wouldn't "worry" about that one as I've seen 'them' being able to move it "around" quite significantly.
Just like anybody else I just look at the market in this expiration week and try to make a sense of it as we move forward.
The bears appear having daily/weekly bull stakes...raw
cheers
let's just say that was a lucky guess
#1697 Thursday morning!
"My opinion, guts and otherwise, is that the recent 3.3 will be taken out. If I'll be wrong I wouldn't care.
For now NT is maintained at this level..."
cheers
nunavut, wow, that's a new one...
You're in not for the long run now (anymore),... but for a.... longer run..
You show that there are people out there able to stand a lot of pain and abuse, and then some !
I crossed my limits long ago.. (courtesy of lack of luck)
cheers
Scott + Scott, LLC Files Updated Complaint on Securities Lawsuit Against Nortel Networks; U.S. Grand Jury Subpoenas Records
May 14, 2004 5:27:00 PM ET
Original Lawsuit Filed at Shareholder Request on March 24, 2004; Firm Represents Institutional and Individual Shareholders from April 24, 2003 to April 27, 2004
COLCHESTER, Conn., May 14 /PRNewswire/ -- Scott + Scott, LLC, (nrothstein@scott-scott.com) a Connecticut law firm with offices in Ohio and California, announced that it has filed an updated complaint and extended the class period in a securities class action lawsuit against Nortel Networks Corporation (NYSE: NT - News; TSX: NT - News). The case has been brought in the United States District Court for the Southern District of New York. Scott + Scott, LLC announces it currently represents shareholders who purchased or otherwise acquired Nortel securities during the period between April 24, 2003 and April 27, 2004, inclusive (the "Class Period"). If you would like additional information regarding this lawsuit, please contact Scott + Scott attorney Neil Rothstein (nrothstein@scott-scott.com) at 800/404-7770 or 860/537-3818 (EST) or 800/332-2259 or 619/233-4565 (PST). Any class member desiring to move for the appointment of "Lead Plaintiff" and who qualifies for this position must do so by this Monday and may contact Scott + Scott, LLC for more information.
Nortel had shocked the market by announcing that it had fired its CEO and two other top executives and stated that it would restate 2003 earnings- cutting the year's profit in half and it would delay reporting its first quarter results. CEO Frank Dunn, CFO Douglas Beatty and controller Michael Gollogly were all fired.
On March 29, 2004, the Company announced that due to the delay in the filing of its 2003 financial statements, it would postpone its Annual Shareholder' Meeting, scheduled for April 29, 2004, until after the filing of financial statements. On April 5, 2004, Nortel announced that the U.S. Securities and Exchange Commission had issued a formal order of investigation into the company's previous restatement of financial results for certain periods. Further, with more restatements likely to arise at Nortel per their announcement in March 2004, Scott + Scott welcomes any securities holder in Nortel to contact the firm for additional information.
It is alleged in complaints during the period from April 24, 2003 and April 27, 2004 (the Scott + Scott complaint states a class period from December 23, 2003 to April 27, 2004), Nortel and certain of its officers and directors violated the securities laws of the United States (the Securities Exchange Act of 1934). Nortel supplies products and services that support the Internet and other public and private data, voice and multimedia communications networks using wire line and wireless technologies.
The complaint alleges that defendants caused Nortel's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. Defendants had formulated a plan to have the Company's credit rating on its $4.1 billion debt raised from "B3" to "investment grade." Defendants were advised by Moody's that if the Company could improve its financial position, the Company's rating would be raised. Not only would this rating change have a positive impact on the Company's stock price but would further inflate the Company's net income beyond the already inflated price due to falsified accounting. By raising the Company rating, the Company could refinance its debt at a preferable rate, and increase the Company's margins. Defendants had hoped that the Company's positive fourth quarter 2003 report would put pressure on Moody's to raise its rating. It is further alleged that by posting the false, positive fourth quarter results, defendants and the Company's top executives were rewarded with $30 million in bonuses. Then, as defendants' scheme began to unfold, Nortel put its chief financial officer and controller on leave of absence pending completion of an investigation into the circumstances leading to the restatement.
On March 15, 2004, Nortel delayed filing its annual report and admitted it may have to restate results for a second time in six months while the timing of certain accruals and provisions in 2003 and earlier periods are re- examined. In response to this delay in filing, the price of the Company's shares fell. Defendants knew that as a result of their actions, Nortel's lenders could demand early repayment of $3.6 billion of notes and convertible bonds. The Company's shares reached over $8 per share during this period and have declined to $5.19 previously. Then on April 28, 2004, the Company fired its CEO, CFO and Controller and disclosed that its previously announced restatement would be worse than earlier planned. In addition, the Company disclosed that its financial results for Q1 2004 would be indefinitely delayed. On this news, Nortel shares plunged to below $4.00 per share. The amended complaint also demands the executives return their ill-gotten bonuses for 2003.
If you bought the securities of Nortel between April 24, 2003 and April 27, 2004, inclusive and sustained damages, you may, no later than May 17, 2004 move for appointment of "lead plaintiff." Signing a certification with Scott + Scott, LLC will not avail a shareholder to being submitted as a lead plaintiff without further consultation and without adequately qualifying for that position. Further information can be obtained from the firm.
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, is a law firm with a national practice and reputation. Scott + Scott has dedicated itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, foundations, individuals and other entities worldwide -- in both class and non-class cases. Please visit our website at www.scott-scott.com to learn more about the firm, its practice and other cases. Scott + Scott, LLC has recently filed or is investigating securities cases against Asconi Corporation, Global Crossing, Canadian Superior Energy, Novastar Financial, Inc., NYFIX, Inc., Genta Incorporated and others.
If you wish to discuss this action with an attorney or have any questions concerning this notice, your rights or any matter within our expertise, please contact attorney Neil Rothstein at nrothstein@scott-scott.com or by calling 1- 800-332-2259. Scott + Scott, LLC is located at 108 Norwich Avenue, Colchester, CT 06415; phone: 860/537-3818; fax: 860/537- 4432. This release is issued in accordance with the applicable federal law of the United States
© 2004 PRNewswire
Waning Demand ? what's next...?
Merix Dn 37%;Cut Outlook On Waning Demand For Premium Svcs
Dow Jones Newswires , 05-14-04 09:41ET
Merix Dn: Cut Outlook On Waning Demand For Premium Svcs
By Michelle Rama
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Merix Corp. (MERX) are down over 34% Friday after the circuit board maker warned that it would post a loss in the fourth quarter and that sales would be significantly below expectations.
In a news release late Thursday, the Forest Grove, Ore., company said a major customer cut back orders because of waning demand for its products. Merix also said that it's experiencing weaker demand for its premium business services.
Merix shares are down 34.4%, or $5.27, to $10.05 on volume of 8.9 million compared with average daily volume of 522,560.
. . . . . . . . .
Merix, whose circuit boards are used in wireless telecommuncations and high-end computing, projects a fourth-quarter pro forma loss of 2 cents to 3 cents a share, instead of a pro forma profit of 12 cents to 14 cents a share.
. . . . . . . . .
Smith Barney telecom analyst Richard Edwards said Merix's profit warning suggests a slowdown in U.S. mobile network spending, especially in its Global System for Mobile communication. Merix, the analyst said, at one time said it was experiencing strong demand from Ericsson (ERICY). Edwards couldn't be reached for disclosure.
. . . . . . . . .
http://www.amtddj.inlumen.com/bin/djstory?StoryId=CqkreqaebqLqWmdm4ntm
Ben, I guess 'they' got fresh whips /e
Sage, tnx for the nice comments and charts
You could do it weekly if not be-weekly. We will appreciate it.
You could/should also add OBV 20(default I guess) in charts
---------
Guy, I feel it's not happy for you, but I think tele is right.
The charts too leave a lot to be desired for a bullish view.
My opinion, guts and otherwise, is that the recent 3.3 will be taken out. If I'll be wrong I wouldn't care.
For now NT is maintained at this level...
cheers
Moves By S&P, Dow Jones Pressure Nasdaq
05-12-04 16:41 ET
By Gaston F. Ceron
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Two major stock-index providers dealt a blow to Nasdaq Stock Market Inc.'s (NDAQ) trading system, one by agreeing to test opening and closing prices for Nasdaq stocks generated by the American Stock Exchange and the other by extending a similar pilot program for closing prices.
In the first move, the Dow Jones Indexes unit of Dow Jones & Co. (DJ), also the parent of this newswire, will conduct a pilot program in which two Dow Jones stock-market averages will rely on opening and closing prices from the Amex for nine Nasdaq stocks. Two of these stocks, Microsoft Corp. (MSFT) and Intel Corp. (INTC), are in the Dow Jones Industrial Average, while the remaining seven are in the transportation average.
Dow Jones's announcement Wednesday was followed by a decision by the Standard & Poor's unit of McGraw-Hill Cos. (MHP) to extend a pilot program in which the company uses the Amex as its source for the closing prices on 12 Nasdaq stocks in the S&P 500-stock index.
The moves underscore the pressure that Nasdaq has been under to improve its opening and closing processes, which have been criticized as not sufficiently reliable and messy. "Exchange-specialist firms and managers of funds and portfolios based on the Dow and the Transportation average have approached us, voicing frustration over their inability to cleanly execute orders designated 'on the open' and 'on the close' in the Nasdaq trading system," said Michael Petronella, president of Dow Jones Indexes, in a statement. "The specialists on the Amex floor can handle such orders routinely."
Feeling the heat, Nasdaq recently introduced an improved closing process, known as the Nasdaq Closing Cross, and is targeting a similar upgrade of its opening for the summer. In what Nasdaq trumpeted as an endorsement of its steps to improve the close, the market on Wednesday announced that Russell Investment Group will use the closing cross to price Nasdaq stocks during the June rebalancing of the company's 21 U.S. stock indexes.
Previously, Russell had been using another Nasdaq mechanism. But Lori Richards, senior product manager for Russell indexes, said the decision to continue to stick with Nasdaq wasn't automatic. Russell consulted with industry members and considered other alternatives besides the closing cross, including the Amex, she said.
"We feel that this is the most fair way to get a closing mechanism," she said of the Nasdaq cross.
Neither Dow Jones nor S&P made a committment to sticking with the Amex beyond the end of their test runs, saying that they will evaluate the results produced by Nasdaq and the Amex. There is no firm date for the start of the Dow Jones pilot, which is expected to last six weeks to two months. The S&P pilot began in March and was set to expire on Friday, but has now been extended to July 2.
The added time will allow S&P and the securities industry to better evaluate the Amex's Nasdaq-trading program and to compare it with the closing cross, said David Blitzer, managing director and chairman of the S&P Index Committee. "We'll get a good test out of it," he said.
The fact that the Amex was able to capitalize on the dissatisfaction with Nasdaq even though the Amex handles only a small slice of Nasdaq trading underscores the pressure on the electronic Nasdaq market. In a statement, Amex Chairman Salvatore Sodano said Dow Jones's decision amounted to a "confirmation of the enduring value of the floor-based auction market and the specialist system." Added Amex Senior Vice President Brett Redfearn: "We can offset imbalances and guarantee everybody a fill, and do so with limited market impact relative to the overall marketplace."
But Nasdaq Executive Vice President Adena Friedman pointed to the small size of the Amex's Nasdaq-trading business. "What we're hearing is that the Amex close is just not relevant," she said.
Dow Jones's Petronella noted that Nasdaq's closing cross "seems to be working well," but said that its phased-in introduction doesn't yet include all the stocks in the Dow Jones averages.
The Nasdaq closing cross now includes 130 Nasdaq securities and more are expected to be added. Friedman said the stocks needed for the Russell rebalancing would be included before June 25. And she said Nasdaq would be "more than happy to work with Dow Jones" to add the stocks the company's indexes unit needs.
Ironically, although they act as rivals, both Nasdaq and the Amex for now share the same parent, the National Association of Securities Dealers. However, the markets are going their separate ways. Nasdaq stock is now held by outside investors, though the NASD retains voting control until Nasdaq is approved as a securities exchange. And the Amex is also looking to separate from the NASD.
-By Gaston F. Ceron, Dow Jones Newswires; 201-938-5234;
gaston.ceron@dowjones.com
(END) Dow Jones Newswires
05-12-04 16:41 ET
decent post teletruth
as for me
I'm nowhere near NT buy button
buying lottery tickets make me feel better at the moment
even though chances to win are near nil
Cisco did great as expected
now 'they' , the specialists are still at it shaking the tree of longs
pathetic
but that's the wild here
it will come around to hit $45
the markets seem happy today
http://community-2.webtv.net/skeballlarry/LarrysMsgPageletit/scrapbookFiles/mailedD25.jpg
Investing in telecom and utility stocks is ...
much like dancing in a mine field ...
Timothy O'Brien,
Evergreen Utility and Telecommunications Fund lead manager
stronger price action ahead? Which way?
I place my chips on red 3... with no much news, and then 2.xx with whatever news.
anyone dare a take? (for near term, not August)
The winner gets a hug from Frank.
cheers
interesting service
http://www.measuredmarkets.com/studies/nt-tor.php
azimut, few bad apples there on RB
that's for sure..
Some people are hard to be redeemed, probably because a poor background.
Apparently Ben has an unique touch with people and seems to do a good 'job'.
Ben (and another past poster) reminds me of one of my cousins, which I miss by the way, as he lives in Europe.
cheers
what did I say? /e
Cash crunch?
Nortel's Cash Position Matters Most
Monday May 3, 3:26 pm ET
By James J. Cramer, RealMoney Columnist
Casting about for analogies to the dreaded Nortel (NYSE:NT - News). Could this be Tyco (NYSE:TYC - News) at $8, where people expected the company to file bankruptcy? Could this be Martha Stewart Omnimedia (NYSE:MSO - News) at $7, where no one had a clue? Or could it be Winstar at $3, going to zero?
As always, the case comes down to the balance sheet. We don't have audited financials yet, but let me ask you a question: Why bother to say the cash position is real if it isn't? Why say anything good at all?
http://biz.yahoo.com/tsp/040503/10158031_1.html
... other than gambling, there is absolutely no reason to hang around to find out what's next...
ANY big rat from upper level is involved!
and tainted !!!!!!!
No one from those guys will change.
... more like some of the posters...
Outsider heads as a MAJORITY is mandatory for this to work to our expectations.
cheers
NT vs LU just few pennies difference now !!!
Then ..... NT has problems left right and center
I'm wondering if I'll be offered an ask of 0.6 or 0.2 on NT in the not so distant future.
I know it seems dramatic, and I know what NT represents, and even "my" charts don't show it yet, but I've seen few unbelievable things along the way so far.
I get the feeling that this promises to be a roller coaster from h&ll..
I HATE FD
I HATE FD
I HATE FD
AND the gang
nothing but jerks and manipulators
I'm not pleased with the "BOD" either...
I posted this hate for quite some time BEFORE THIS, but no, people were in love and thought I'm getting it wrong..
Well, time does tell..
LOL
Welcome again Drifter,
it's good to have another option for posting.
Here seems a quiet corner.
..........
It seems that insiders bailed ahead of the storm...
http://finance.yahoo.com/q/it?s=nt
question is
is the storm over?
Ironically, now (finally !!! LOL) people got used to higher priced NT. Everybody sees US10. sign.
Even after all the cascade of problems and (still) secrecy NOBODY believes in $2 or LESS. Each day is seen nothing but a bottom
What if it gets suspended...to reopen God knows where...after some more nasty revelations and confessions?
That thought is a real put off.
I think the all too quick "upgrades" ...on valuations...(LOL), are meant to help provide some sort of support for dumping.
I don't believe in big contracts any time soon either. The loss of the Big one in Australia recently is a sign..
Now it seems that again it's about surviving..
cheers
Ben, yep. I keep my estimates
I really don't know why did you ask. I think I stated my view, and made a point quite recently, didn't I?
Right or wrong. Nothing to lose, nothing to gain. No disappointments either way.
However, revising it down or up would show weakness and would make me feel weak. I don't need that!
I gained mostly from missed targets !!!!!!!!!
And that's because I sticked to them and so I remembered the whole thingy.
This stock will definitely create more poor along with more wealthy. It's a roller coaster in any way you cut it, including emotional.
cheers
since 2001 and 2002 books look cooked
(if proven) investors fkd in those periods by plunging PPS under false released lowered numbers, can and should sue the h&ll of this company.
It will be well deserved AND FAIR.
I wasn't one of them, but it's a reasonable angle. I think lawyers would look into it.
It could be about way more dough than over here..
cheers
more firings looming...
it's all over but the crying
04-29-04 1807ET
Nortel Files Late Quarterly Report Notification >NT
WASHINGTON (Dow Jones)--Nortel Networks Corp. (NT) said Thursday that it won't be able to file its quarterly report for the period ended March 31 on time.
According to a non-timely 10-Q filed with the Securities and Exchange Commission, the communications networking company cited its independent review and pending financial restatements and revisions as the reasons for the delay.
As reported, Nortel has made a number of management changes and plans to restate and revise 2003 and prior-year financial results.
The company said it has named William Owens as president and chief executive, replacing Frank Dunn, "who has been terminated for cause."
Nortel also said the appointments of William Kerr as chief financial officer and MaryAnne Pahapill as controller have been made permanent.
The company said former Chief Financial Officer Douglas Beatty and former controller Michael Gollogly, both placed on paid leave in March, have also been "terminated for cause."
Nortel said four individuals who were "senior line of business finance executives" during the periods under review have been placed on paid leave of absence pending further progress of the independent review.
The company said its independent review has been focused on management's practices regarding accruals and provisions.
...
Nortel Files Late Quarterly Report Notification
Ben, NO, NO WAY
fk that (scrapping contest, new contest, changing #s, and alike)
EVERYBODY MUST stick with his/her guesstimate !!!
THAT was the deal !!! unless.... people here are spineless worthless characters.
I'm not saying they are, so be men and stick with your free given guesses. I would've stick with mine ALL THE WAY. I'm a MAN , and a MAN sticking with his word !!!
However, I always feel for pussies, so... if so wanted, make a 2nd contest, then a 3rd contest then a 4th contest and so on until the finish line, LOL.
I've given my guesstimate way way back, shortly after you Ben, while others waited and waited and waited way over the given deadline, just to 'try' and 'feel' more, and THEN gave a # ..............
...tele was one of the last to commit...
and then... 8.5 bwha ...(while bashing NT on RB !!)
but hey, at least he's riding NT down in silence, with no going back on her word
People, show courage and try and keep this board to a decent 'man' standard.
Do NOT downgrade it and yourselves.
You can definitely go ahead and do the opposite to my point
(I'm not gonna stop no one), but you'll drop points in my eyes like Enron style.
cheers
p.s. I think I'm the only one that gave Q4 and respectively an end of year estimate....... AT THE SAME TIME LOL
so I guess I automatically get to win that one ... regardless of #s.....
hammer, your points 3,5,and 6
are really ouchy and likely true !
however, also the lawsuits just got lots of traction, and the hungry lawyers got hungrier and meaner.
Boy, was I right about lawyers piling up thing as a bad sign, wasn't I?
"1. Law suits law suits...all valid and will cost a pretty penny.
2. More law suits.
3. Downgrades galore.
4. Sec/OSC fines.
5. Lost orders?
6. zero investor confidence."
cheers
p.s. I'm always sorry for the little guy.
Problem is, no one ever believed me.
wow, so many wows...
the delayed partial Q1 "report" gets delayed in the LAST moment, for a restatement of it before even got stated, LOL LOL LOL.
"Nortel was scheduled to report its first-quarter results Thursday after the close, but it won't do that now."
Then,... the company's cash starts to give early(?) signs that evaporates.
"It did report that its cash balance for the first quarter fell to $3.6 billion from $4.0 billion at the end of 2003."
I mentioned before that I'm worried that NT used HALF borrowing power, which in my view looked as NEED for cash. And why need if cash was strong?
hmm
cheers
can't stop kissing the cash /e
Ben, it could happen, but...
I have a feeling that it's not same thing (/dirt)
Also , here are huge hoards of lawyers - how many lawyers were there?
"Looks like the lawsuits might get tossed?" express your hope and has nothing to do with reality.
Corning's management fraudulently overstated the company's prospects and bought a fiber plant to support the credibility of that (sold fast thereafter..!). Dirty , but it was about optimistic/rosy statements and prospects, - not much to do about it legally really. Go sue someone on hopes, even manipulative. Fat chance.
But hey, NT isn't about optimistic statements, IT'S ABOUT "COOKED PAPERS" and fat multi-million dollars bonuses as a result. And that's different. THAT'S PREMEDITATED FRAUD.
That's OK until..... you get sued, investigated, and... convicted. It doesn't really matter the $$$ numbers in the fraud, as it doesn't matter how much a robber got from a bank, consequences and penalty are the same = big mess, big loss (probably contracts too), low PPS (suddenly high valuation at $4USD)..
I think we'll see a horror story. As a Canadian that likes the company (but hate FD and the rats) I find it unfortunate.
If this would be a survey/contest on this issue, this is my take.
cheers
Berger & Montague Files Class Action Against Nortel
for Investors Who Bought Nortel Securities During Expanded Class Period Of December 23, 2003 Through March 15, 2004 -- NT
Wednesday April 21, 4:34 pm ET
PHILADELPHIA, April 21, 2004 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. has filed a securities fraud class action complaint in the Southern District of New York (Civ. Action No. 04-CV-3056) against Nortel Networks Corporation.
...............
On April 5, 2004, Nortel announced that it was the target of a ``formal'' investigation by the United States Securities and Exchange Commission (the ``SEC''). The announcement further confirms the seriousness of Nortel's accounting problems which had led the Company to announce last month that it intends to restate its results for 2003 and one or more earlier periods as a result of an ongoing examination of ``certain accruals and provisions'' in connection with Nortel's first restatement last fall of its financials for the first half of 2003 and prior years, and to suspend its Chief Financial Officer and its Controller. A ``formal'' investigation is serious because it gives the SEC the power to issue subpoenas for documents and information.
In connection with the April 5, 2004 announcement, a Nortel spokeswoman was quoted as saying that the Company had previously been the subject of an SEC ``informal'' inquiry since October 2003. The news that the SEC had ordered a formal investigation immediately caused the price of Nortel shares to fall further, by 3.7%, or 23 cents, at $6.06, on heavy volume, making Nortel the most heavily traded stock on the NYSE for the day.
The Complaint charges defendants Nortel, Frank A. Dunn, Douglas C. Beatty, and Michael J. Gollogly, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that defendants' financial reports and statements which they publicly announced and/or filed with the SEC beginning on December 23, 2003 and throughout the Class Period were false and misleading.
On March 10, 2004, Nortel suddenly announced that it would need to delay filing its 2003 annual financial statements with the SEC and that, as a result of its ongoing review of previously-issued financial results, the Company would need to revise its just-announced results for the full-year and certain quarters of 2003, and would likely restate its previously-filed financial results for one or more earlier periods as well because it was re-examining the bookkeeping surrounding ``certain accruals and provisions in prior periods.'' The Company admitted that the delay in filing its 2003 annual financial statements would violate the Company's debt covenants and could, therefore, have a serious adverse impact on the Company.
Then, in a highly unusual move, the Company announced on March 15, 2004 that, ``effective immediately'', it was placing defendants Beatty (Nortel's CFO) and Gollogly (Nortel's Controller) on a ``paid leave of absence pending the completion of the independent review being undertaken by the Company's Audit Committee.'' Following this announcement, shares of the Company's stock fell by $1.19 per share on the NYSE, or 18.5%, to close at $5.24, in extremely heaving trading, and continued to slide further in after-hours trading.
On March 29, 2004, Nortel announced that it would delay filing its first quarter results for 2004 and that it would release ``limited preliminary unaudited'' financial results for the first quarter of 2004 on April 29th and hold a conference call. Furthermore, the Company announced that the Annual Shareholders' Meeting originally scheduled for April 29, 2004 would be postponed to a later date. Then, on April 5, 2004, Nortel announced that the SEC had initiated a ``formal'' order of investigation targeting the Company.
If you purchased Nortel during the Class Period of December 23, 2003 through March 15, 2004 inclusive, you may, no later than May 17, 2004, move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the ``largest financial interest'' in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the ``largest financial interest,'' and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Nortel during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
http://biz.yahoo.com/pz/040421/56239.html
----------
they keep on coming and piling up !
So many lawyers , hmm. It may signal that real damage payments are likely after all.
cheers
NT lost BIG contract to rival
Vodafone joins rollout race
By Michael Sainsbury
21apr04
AUSTRALIA will have its second third-generation (3G) mobile phone network from next month, with Vodafone planning to start construction in the capital cities after signing a $500 million equipment supply contract with Nokia.
The new network, which will offer video calling and fast, always-on data services, will compete with Hutchison Telecommunications' 3G network build for its "3" service.
It will also put pressure on Telstra and Optus to build their own 3G networks or sign a deal to share a 3G network with one of their rivals.
Hutchison yesterday confirmed a report in The Australian that it had talked to Telstra about mobile issues, including merging its Orange business with Telstra's and sharing infrastructure on 3G.
Hutchison claimed the talks were now closed, but added that it remained open to discussions with all carriers on 3G network co-operation for the "rational deployment and utilisation" of its WCDMA infrastructure - the European 3G standard.
Any moves by Hutchison will also be closely monitored by Optus, which has also had talks with Hutchison on network sharing and whose customer base is understood to have been most vulnerable to Hutchison's 3G network. Hutchison is grabbing high-spending customers, who are early adopters of technology.
Vodafone's 3G network rollout is part of a trans-Tasman deal with Nokia which will see Vodafone build networks in Australia and New Zealand and start commercial services by the middle of next year.
The two companies are in the process of finalising details of the contract and will announce the deal as early as next week, according to an internal email sent to Australian staff this week by Vodafone Australia managing director Grahame Maher.
The network will initially focus on the major capital cities.
Industry sources said Nokia secured the deal after a visit by Nokia chief executive Jorma Olilla to Australia earlier this month, beating the previous front-runner, Nortel Networks.
The news with be a blow for Ericsson, which supplies equipment for Vodafone's exiting GSM network. Nokia also has a 3G contract, as well as a trial commercial 3G network with Optus, for whom it is also the main GSM equipment vendor.
Vodafone has set an extremely ambitious target of growing its subscriber base in Australia from 2.6 million to 3.4 million by next March, according to its new business plan which was released to its dealer channel last week. The company has started to target fixed-line customers with widespread advertising of its 20c untimed call deals.
The moves will intensify pressure on Telstra to make a decision on a full 3G network, with Hutchison starting to make significant gains in the Australian market with its $99-a-month capped voice plans.
Telstra is spending $100 million upgrading its regionally focused CDMA network to the 3G standard EV-DO but is targeting this at the business data market.
Telstra's key decision will be whether to build its own network, strike a wholesale deal to use another company's network, adding its own software and services, or partner with Vodafone or Optus in building.
Telstra's traditional strategy has been to build and operate all its own networks. But growing competitive pressure in mobile, internet and its traditional fixed-line network - coupled with market pressure on its $3 billion a year capital budget - has forced a deep review of its networks division by senior executive Ted Pretty.
Hutchison has spent more than $1 billion on its 3G network and has committed a further $1.4 billion to the business over the next two years.
http://www.sundaytimes.news.com.au/common/story_page/0,7034,9344862%255E462,00.html
----------------------
uncertainty, mess, more uncertainty = bad management, and has high costs
cheers
Ben, huh?
haven't you suffered enough nerve wrecking from FD's PRs?
How many slaps on the back of the neck from this management you need until you wake up. Unbelievable.
I would be more scared of FD than many others. He proved a guy knowing to fool around both positively and negatively, depending on the agenda.
Just today NT was talked down few times. One that sticked a bit out (to me) was from an analyst in telecommunications sector, that talked about 1)serious uncertainty especially on NT, 2) no nearby upside potential for NT, 3) he does NOT own NT nor LU. Another analyst said that he doesn't own NT, and only his wife has it but only with options..
Are they the fools, or is us?
I hope you're right, but I'm also wondering what would take so FD actions will finally get to the hard core holders.
This company has a magic luring people to follow. Many rode it from 60, 40, 20...
"I don't see FD giving a namby-pamby forecast like Patty of LU."
cheers
csco is in free fall/sell off
hmm
what the...
then
GS talks about rate hike
chart wise the market looks red and more too
could it be a mini-crash in the cards?
'they' didn't let it happen so far
....
gy, this guy posted lies
manipulated (LOL) and mixed with true elements to make the BS credible !
Do NOT believe him/her. He's a sour grapes MF specialist.
Instead, go and read books on the subject, and try to look at historical facts.
Just one example:
"We called them SOES bandits because they could legally steal from a market maker....They could force you to buy and sell thousands of shares even if you didn't really have anything going on....Without order flow you got killed. That forced people to stop making markets....."
That's bull.
"SOES bandits" are people like you and me, that NEVER took ANYTHING from you/me. MM systems were slow to update to new data and posted old bid/ask, which got filled by "bandits".
Imagine the bid price is 5.5 but was 5.7 a little while ago. Imagine YOU place a bid of 5.7 (old data), and then cry "bandits" if someone fills your bid (which is high).
Nowadays, MM improved the system, but still can't forget that they (THE real pro bandits) got bested at their own game by few little guys. BTW, the "bandits" took money from MM, but not near as much as MM ripped (that's why took MM long time before bother to act and close the loopholes). It's rather an interesting (hi)story.
Fact = manipulation is alive and well AGAINST you and me because ...MONEY MONEY MONEY, and lots of it. It just got better/different/more participants.
The manipulation I hate the most is the "spoon-feed" of info (news) to MM , WAY before they are released to the public. I find it criminal and so the (un-enforced !!!) law.
cheers
gy, that US or CDN $s ?/e
I don't really know how
to look at it - good or haste, but wife got so nervous on sideline (cash) that ordered me to buy NT from her funds (earlier today).
"Yes sir" (I saluted) , and so I did right away, at 7.45 CDN.
Honestly, as I wished to her, she deserves this to go now up to $100. It doesn't seem a bad place to buy here (that's why lots of people buy/bought here), but...
But, in my "world" I think (and little wish) that the ride to downtown is not over just yet for NT.
You don't want to anticipate a bottom...
cheers