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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Mar 21, 2000
Page
5
Closing prices and market quotations provided by Ron Campbell Investment Planning and Raymond James Financial Services. NASD and SIPC member figures and contact details listed for investor guidance and brokerage services.
Only two of 55 counties in West Virginia show competitiveness with the nation, Jefferson and Putnam, while most are labeled distressed or at risk per an Appalachian Regional Commission report. Officials caution data may shift with the 2000 census. Tucker and Region VII counties face doubt over current rankings.
Nasdaq falls 188.13 to 4610.00 as investors drain money from software and biotech toward established tech and industrial names. Dow rises 85.01 to 10680.24 while S&P 500 slips 7.84 to 1456.63 and Russell 2000 drops 25.57 to 549.20. Hewlett Packard Intel and IBM lead Dow advance amid market rotation away from highfliers. MicroStrategy dives after revising 1998 1999 results and revenue recognition change.
The stock, which had surged 2000 percent in the last year to a high of 333 on March 10, fell 140 to 86 3/4. MicroStrategy largely drove the Russell 2000 decline, pushing investors toward established tech firms, analysts said.
US Airways advises passengers to book with competing carriers as a potential flight attendants strike looms with a 12 01 a m Saturday deadline. Negotiations overseen by the National Mediation Board continue as executives stress a fair agreement for workers and the airline.
MicroStrategy slashed its revenue for 1998 1999 and 2000 and forecast lower 1999 earnings as it revised accounting practice after SEC guidance. CEO Michael Saylor defended Megadeals and blamed evolving contract complexity while PwC helped redraw revenue recognition. The stock halved from its peak as shares faced a tougher valuation.
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