Business Services Industry
Stock of Electronic Data Systems Falls after Report's Comparison to Enron.
Knight Ridder/Tribune Business News, December, 2001
By Crayton Harrison, The Dallas Morning News Knight Ridder/Tribune Business News
Dec. 22--Electronic Data Systems Corp. shares slumped 2.5 percent Friday after a news report compared the company's accounting arrangements to those of Enron Corp., the Houston company that financially imploded.
Executives at EDS' Plano headquarters were furious, saying that the company's accounting practices are professional and that they have been forthright with investors. Analysts agreed, predicting that EDS' loss in share price will be erased in the next few sessions of the market.
"What they're doing is pretty simple equipment financing," said Lehman Brothers analyst Karl Keirstead. "I'm comfortable with the issue."
Detailing an accounting...
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