NEW YORK, May 24 (Reuters) - Stocks extended their slide in late afternoon trading on Monday as weak technology and financial shares weighed on the market.

Around 2:30 p.m. EDT (1830 GMT), the Dow Jones industrial average was down 130.66 points, or 1.20 percent, at 10,698.62.

In the broader market, declining issues beat advances 18 to 10 on active volume of 537 million shares on the New York Stock Exchange. ....

``A Y2K problem with a bank in an emerging market country has the potential to cause glitches for banks in the United States,'' Mayo wrote in a special report."

end Article.

I got this quote off of Reutors, today. Anybody know what this last sentence is referring to?

Thanks

-- a.raye (a.raye@gurlmail.com), May 24, 1999

Answers

Credit Suisse First Boston banking analyst Michael Mayo issued a sell recommendation on multinational banks today. There's an article with a bit more info:

Bank Stocks Drop On Rare 'Sell' Rating Reuters May 24, 1999 "U.S. financial services stocks fell Monday after a top Wall Street analyst made the unusual move of recommending investors sell multinational bank stocks because of year 2000 computer concerns and other issues. ... In a research report, Mayo said that even if U.S. banks are fully prepared for the date roll- over -- forecast to create problems as some computer systems interpret the new year as 1900 rather than 2000 -- they are still vulnerable to third party risk. ... Fewer than 1 percent of all U.S. analysts stock recommendations are sells..."

-- Ron Rodgers (RonRodgers@Resilience2000.com), May 24, 1999.

The article at this link might help you out:

http://infoseek.go.com/Content?arn=a0643LBY686reulb-19990505&qt=% 22year+2000% 22+bug*+glitch*+y2k&sv=IS&lk=noframes&col=NX&kt=A&ak=news1486

"Pakistan told to reveal more on Y2K"

-- Kevin (mixesmusic@worldnet.att.net), May 24, 1999.

Thanks to both of you.

-- a.raye (a.raye@gurlmail.com), May 24, 1999.

From article posted by Ron Rodgers:

" Fewer than 1 percent of all U.S. analysts stock recommendations are sells..." "

If this is not a MAJOR wake up call for all banks then I don't know what is. Ray

-- Ray (ray@totacc.com), May 24, 1999.

From article posted by Ron Rodgers:

" Fewer than 1 percent of all U.S. analysts stock recommendations are sells..." "

If this is not a MAJOR wake up call for all banks then I don't know what is.

Ray

-- Ray (ray@totacc.com), May 24, 1999.

It's a wake up call, Ray, to investors. When 99% of brokerages are recommended hold or buy in a grossly overvalued market... you might want to question motives.

Regards,

-- Mr. Decker (kcdecker@worldnet.att.net), May 25, 1999.