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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
Home / Markets / Industries / Technology
Friday, October 10, 2008
Slumping Tech Stocks Drag Nasdaq Down Almost 100 Points
Rex Crum
MarketWatch Pulse
SAN FRANCISCO -- Technology stocks dragged the Nasdaq Composite Index down almost 100 points, or 6%, to 1,549 in late trading Friday. No relief was in sight as nearly every major tech stock was in the red, with the shares of Microsoft Corp. , IBM Corp. , Hewlett-Packard Co. , Intel Corp. and Google Inc. each falling at least 4%. The one notable exception was Apple Inc. , which rose $3.92 a share, or more than 4%, to $92.59 after an Oppenheimer analyst cut his price target on the stock and said there is value in Apple shares at their current level.
Copyright © 2008 MarketWatch, Inc.
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