Vivendi Hits Estimates but Few Cheer
Gallic charm didn't seem to be working for Vivendi Universal (V Quote) on Tuesday.
The Gauloises-smoking, beret-wearing entertainment and communications conglomerate met analysts' expectations for 2001 operational results, year-end debt levels and 2002 projections. But the news did little to reverse the stock's 25% slide this year.
Confidence in the company was only weakly bolstered by CEO Jean-Marie Messier's release of a document designed to counter what a simultaneous translator rendered as a "hodgepodge of rumors" concerning the company's accounting policies and practices. Vivendi Universal, said Messier, doesn't want hedge funds making money off the company's shareholders by circulating "base canards" in the market.
On Tuesday afternoon, Vivendi Universal's shares were trading at $41.18, down 51 cents for the day. ...
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