News after the close.

RDATE:06252002

MONTEREY, CA - Last night after the close David Faber broke a story on CNBC that others are saying "appears to be one of the largest corporate frauds in history". WorldCom, Symbol: WCOM, booked more than $3 billion in expenses improperly as capital expenses. Long time finical chief Scott Sullivan has been fired after the discovery was made during an internal investigation.

The stock already under pressure for weeks last traded at 35 cents, down an additional 61% from the close giving it a total one day loss of 87 cents or 71%.

WorldCom had traded at an all time high of $64.51 back in June of 1999 as one of the darlings of the high tech run-up.

Faber also reported that WorldCom will have to restate earnings for the last five quarters. A Wall Street Journal article puts WorldCom's debt at $30 Billion and suggests the latest discoveries could be the final blow for the company.

Other after hours news included the much anticipated report that Adelphia, symbol: ADLAE, has filed for chapter 11 bankruptcy according to the Wall Street Journal.

In other post market activity, both Palm, Inc., symbol: PALM, and 3Com Corp., symbol: COMS, reported earnings. Palm reported in line with consenses of 19 analyst surveyed according to First Call and 3Com came in 4 cents better then expected by the seven analyst surveyed by First Call.

Micron Technology, symbol: MU, missed estimates by 10 cents on lower DRAM prices and Krispy Kreme, symbol: KKD reaffirmed guidance.

Other developments include an announcement from General Electric saying they are on track for their second quarter. They will be holding a scheduled analyst meeting on Thursday, June 27 which will be available via Webcast starting at 8 a.m. and is available at www.ge.com/investor.

Other earnings released after the close include EXFO Electro-Optical Eng., symbol: EXFO, reported in line with 13 analyst surveyed by First Call and Christopher & Banks Corp. beat expectations of 10 analyst surveyed by 4 cents according to First Call.

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