Business Services Industry
WorldCom Shares Plummet to 6 Cents As Investors Sell 1.5 Billion Shares.
Knight Ridder/Tribune Business News, July, 2002
By Peter J. Howe, The Boston Globe Knight Ridder/Tribune Business News
Jul. 2--Shares of WorldCom Inc. plummeted to 6 cents yesterday as a record-shattering 1.5 billion shares changed hands in an apparent binge of "short selling" and panic sales by shareholders fearing the telecommunications giant is headed for bankruptcy.
The trading in WorldCom -- the first time daily volume for a US stock exceeded 1 billion shares -- equaled the entire volume of the Nasdaq Stock Market on a slower day. It came as WorldCom acknowledged it had defaulted on $4.25 billion in bank loan agreements and was reconsidering its financial reports for 1999 and 2000 as well as the five quarters after that. President Bush threatened to disqualify WorldCom as a service...
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