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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jul 02, 2002
Page
10
A terse stock market note references the New York Stock Exchange with scattered figures. It mentions a price around 41.70 for a security and notes a dividend or measure labeled AA. The fragmentary text hints at changes or status unless otherwise specified.
Market observations show stock activity with NAV and fund details. The excerpt mentions mutual funds, net asset value, daily changes, and references to issues called for redemption within the last year, along with notes on stock issues and preferred stock terms.
Wall Street slid as investors priced in scandals and weak earnings, with the Nasdaq posting its lowest close in five years and the Dow dropping about 130 points. Manufacturing data showed gains while construction spending fell, and WorldCom faced new accounting revelations as Northrop Grumman agreed to buy TRW for 7.8 billion.
WorldCom Inc faces more accounting scrutiny as it investigates irregularities in reserve accounts while defaulting on 4.25 billion in bank loans. Shares plunged 90 percent to six cents as Nasdaq moved to delist, prompting a federal class action alleging inflated prices from undisclosed adverse information. The company says its audit committee reviews 1999 through 2001 entries with no conclusions yet.
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