November 25, 2003

Now that the big rush of 10-Q filings has subsided, investors need to keep an eye out for changes to those filings. Yesterday, for example, 11 of the 12 Qs filed were ammended filings. Expect more by the end of tomorrow, when companies know that more people are focused on eating turkey, instead of hunting for turkeys among their stocks. Among those changing their tunes were Brightpoint (CELL) and AXA Financial (AXF) . The problem for investors is that it can often be difficult to figure out what’s different. While many companies provide an explanatory note that outlines the changes that have been made, there’s also plenty of companies that do not. According to a spokesman, the SEC does not require companies to provide an explanatory note. AXA, for example, provided no hints on what it changed in its amended filing and after doing a side-by-side comparison, I couldn’t spot anything significant. Sometimes it’s just a minor typo, but other times it’s much more significant.

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