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Afternoon Selling Knocks Weak Market Even Lower.(GENERAL MARKET & SECTORS)(THE BIG PICTURE)
Byline: CHRIS GESSEL
The stock market crumbled Monday afternoon, unable to fend off a load of bad corporate news and rising tension between Pakistan and India.
The headlines didn't look good.
Tyco's CEO resigned amid a probe into his personal finances. The treasurer of El Paso, the embattled energy firm, apparently committed suicide. Williams Cos., another energy company on the ropes, denied it tried to corner California's natural gas market. Tyco dived almost 27%, El Paso 14% and Williams 23%.
The problems went beyond corporate credibility.
Xilinx caused a steep chip sell-off after it forecast lighter sales growth than Wall Street wanted. The maker of programmable chips said sales should rise 8% from the prior quarter, the high side of earlier guidance. But it's hoping to book 40% to 45% of that revenue in June, the final month of its fiscal first quarter.
Xilinx skidded 4.25 to 31.01, its lowest close since late October. The Philadelphia semiconductor index spiked down 5.2%. It was the chip index's 11th loss in 13 sessions.
- El Paso Electric to Present at the Wall Street Analyst Forum.
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El Paso Electric's President and Chief Executive...Hedrick will be presenting at the 16th Annual Wall Street Analyst Forum's Institutional Investor...epelectric.com/ http://www.vcall.com/ El Paso Electric is a regional electric utility...
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- FERC OKs El Paso LNG Expansion.(Brief Article)
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- DOT Fine On El Paso.
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...pipeline, after inspections of the three El Paso lines implicated in the Aug. 19, 2000 explosion...company must be emphasized." Norma Dunn, an El Paso spokeswoman, told the Wall Street Journal that El Paso doesn't believe it broke any federal regulations...
- DOT Fine On El Paso.(Brief Article)
- Magazine article from: Pipeline & Gas Journal Barlas, Stephen August 1, 2001 700+ words
...pipeline, after inspections of the three El Paso lines implicated in the Aug. 19, 2000 explosion...company must be emphasized." Norma Dunn, an El Paso spokeswoman, told The Wall street Journal that El Paso doesn't believe it broke any federal regulations...
- SEC probes Tyco, Wyeth, El Paso on oil-for-food: report.
- News wire article from: The America's Intelligence Wire December 15, 2004 700+ words
...participated in the oil-for-food program with Iraq during the 1990s, including Tyco International , Wyeth and El Paso Corp. , the Wall Street Journal said Wednesday, citing people with knowledge of the inquiry. The SEC's requests for information...
- El Paso Goes Back to Basics, Will Exit LNG.(fourth restructuring plan )
- Newspaper article from: The Oil Daily February 6, 2003 700+ words
...and proceeds from asset sales, El Paso expects to pay down approximately...interest financings in 2003," El Paso said in a statement. Wall Street was less than receptive to the announcement. El Paso was the most active issue on...
- El Paso to follow growth trend: Pipeline giant will put assets in master...
- News wire article from: Houston Chronicle (Houston, TX) February 22, 2007 700+ words
...Resources. Several ways to benefit El Paso would benefit from forming a master...equity. Second, it could give El Paso a way to get Wall Street to recognize higher values for...a 25 percent stake in one of El Paso's pipelines could be placed...
- Regulatory closure on horizon for California, El Paso cases.
- Magazine article from: Natural Gas Week Schmollinger, Christian March 17, 2003 700+ words
...are far from any agreement. El Paso's biggest benefit from a settlement...certain level of expectations that El Paso can't meet," said a Wall Street source. A settlement, while good for El Paso, would still leave some uncertainty...
