OT? - Tyco shares tumble on rumored accounting problemsgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
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NEW YORK, Oct 13 (Reuters) - Shares of industrial conglomerate Tyco International Ltd. (NYSE:TYC - news) fell sharply in afternoon trading on widespread rumors of potential accounting problems, said market traders.
``Accounting irregularities is all we have heard,'' said one trader who spoke on condition of anonymity.
Before being halted for an imbalance, Tyco stock was down 7-3/8 to 96 a share on the New York Stock Exchange.
Company officials could not be reached for comment.
Tyco has grown rapidly in recent years through a series of acquisitions, making it one of the nation's biggest corporate acquirors. Its areas of businesses include disposable medical products, electrical components, fire protection and underwater telecommunications.
Tyco is headquartered in Hamilton, Bermuda and has corporate offices in Exeter, N.H.
-- Sysman (email@example.com), October 13, 1999