$10 billion Homeland Security contract could be in trouble.
The House Appropriations Committee voted 35-16 Wednesday to deny the huge federal IT contract to Accenture because the company is headquartered in Bermuda. Accenture won the contract over rivals Lockheed Martin
and Computer Sciences
The spending bill still has to go through both houses of Congress and be signed by the president, but it’s not a promising start for Accenture. And it just might be the start of a move against companies that move their headquarters offshore.
Stocks fell Wednesday on fear of rising interest rates.
The Nasdaq lost 32 to 1990, the S&P 500 dropped 10 to 1131, and the Dow fell 64 to 10,368. Volume rose to 1.27 billion shares on the NYSE, and 1.53 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 22-8 on the Nasdaq. Downside volume was 78% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 89-18 on the NYSE, and 64-30 on the Nasdaq.
After the close, Net2Phone
During the day, OmniVision
plunged 30% after the company revealed accounting concerns.
fell and SBC
rose after the federal government declined to appeal a court ruling that struck down the FCC’s local telephone network access rules.
gained 1% after beating estimates.
fell on a patent dispute ruling.
gained 6% on a VoIP deal with Level 3
lost 7% on a warning.
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