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Concord EFS's 20 Quarter OPS chart identifies a break (5-17-02, shares @ $32.80) in its historical OPS pattern from positive to negative in Q1 2002. See item A. The pink band shading for Q1 2002 indicates that Concord had also been diagnosed with "The EPS Syndrome". On May 31, 2002, Wall Street had 21 buys and no sells with Concord's shares closing at $31.27. After Concord's shares experienced an abrupt decline on July 30th to $22.15, on rumors of a possible investigation into its accounting practices. Subsequently Barron's published an investigative story wherein Concord's management admitted that "accounting wrinkles" were used to puff up its EPS for Q1 2002. From the date of Concord's OPS pattern break its shares traded down 62% to a two year low of $12.60 on September 5, 2002.
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