ibm -3% -under investigation

  1. 3,694 Posts.
    This might take the gloss off the US tonight.
    (IBM is also one of the Dow 30 stocks)

    IBM Says SEC Probing Its Accounting
    Monday June 2, 6:50 pm ET
    By Duncan Martell

    SAN FRANCISCO (Reuters) - International Business Machines Corp. (NYSE:IBM - News) on Monday said that the U.S. Securities and Exchange Commission (News - Websites) had begun a formal investigation of how the world's largest computer company accounted for some revenue in 2000 and 2001.
    Armonk, New York-based IBM said in a statement that it "believes the investigation arose from a separate SEC investigation of a customer of IBM's Retail Store Solutions unit," which sells electronic cash registers and other point-of-sale products.

    IBM shares fell almost 3 percent on electronic trading network Instinet after the announcement, which raised the specter of the accounting scandals of Enron, WorldCom and others that have undermined investor confidence.

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