Happy to see Porsche's arrogance isn't...
04-07-2003, 04:38 PM
#1
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Happy to see Porsche's arrogance isn't...
...just reserved for its customers.
Porsche Sues Stock Exchange Over Requirement to Provide Quarterly Earnings
The Associated Press
Published: Apr 7, 2003
FRANKFURT, Germany (AP) - German sports car maker Porsche said Monday it had filed suit against the operator of the country's main stock exchange, seeking to be admitted to the exchange's upper tier without having to issue quarterly earnings reports.
Stuttgart-based Porsche says that quarterly earnings reports cause unnecessary fluctuations in stock price and too much emphasis on short-term results.
"Porsche relies on the credibility of its solid long-term strategy and a substantial and continuous policy of disclosure," the company said in a statement. It said the suit was filed in the administrative law court in Frankfurt.
Deutsche Boerse said in a statement that the exchange's rules were based in German securities law and applied equally to all listed companies.
"Quarterly earnings are indispensable for modern international capital markets communication," it said.
To be admitted to Deutsche Boerse's upper market segment, Prime Standard, companies must meet requirement for transparency including meeting with analysts, issuing an annual report in English, and quarterly earnings. Those that don't are relegated to its General Standard segment and aren't eligible for inclusion in market indexes.
Porsche says it meets all requirements except quarterly earnings. It issues earnings every six months.
Deutsche Boerse kicked Porsche out of a previous market index, the MDAX, over the company's refusal to issue quarterly reports.
AP-ES-04-07-03 1419EDT
Porsche Sues Stock Exchange Over Requirement to Provide Quarterly Earnings
The Associated Press
Published: Apr 7, 2003
FRANKFURT, Germany (AP) - German sports car maker Porsche said Monday it had filed suit against the operator of the country's main stock exchange, seeking to be admitted to the exchange's upper tier without having to issue quarterly earnings reports.
Stuttgart-based Porsche says that quarterly earnings reports cause unnecessary fluctuations in stock price and too much emphasis on short-term results.
"Porsche relies on the credibility of its solid long-term strategy and a substantial and continuous policy of disclosure," the company said in a statement. It said the suit was filed in the administrative law court in Frankfurt.
Deutsche Boerse said in a statement that the exchange's rules were based in German securities law and applied equally to all listed companies.
"Quarterly earnings are indispensable for modern international capital markets communication," it said.
To be admitted to Deutsche Boerse's upper market segment, Prime Standard, companies must meet requirement for transparency including meeting with analysts, issuing an annual report in English, and quarterly earnings. Those that don't are relegated to its General Standard segment and aren't eligible for inclusion in market indexes.
Porsche says it meets all requirements except quarterly earnings. It issues earnings every six months.
Deutsche Boerse kicked Porsche out of a previous market index, the MDAX, over the company's refusal to issue quarterly reports.
AP-ES-04-07-03 1419EDT
04-08-2003, 09:41 AM
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</font><blockquote><font size="1" face="Verdana,Tahoma,Helvetica">quote:</font><hr /><font size="2" face="Verdana,Tahoma,Helvetica">Originally posted by David in LA:
<strong>I stopped by a local Porsche dealer earlier tonight, just to see what they had on the used car lot. Say a Cayenne Turbo with a $20K "market adjustment" markup!!</strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">David,
That's interesting (wishful thinking?), because several folks on the Cayenne board appear to have paid less than MSRP for their Cayennes.
<strong>I stopped by a local Porsche dealer earlier tonight, just to see what they had on the used car lot. Say a Cayenne Turbo with a $20K "market adjustment" markup!!</strong></font><hr /></blockquote><font size="2" face="Verdana,Tahoma,Helvetica">David,
That's interesting (wishful thinking?), because several folks on the Cayenne board appear to have paid less than MSRP for their Cayennes.
04-08-2003, 10:59 AM
#6
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"True --- I believe the fall has begun. Cayennes in stock at all local dealers...."
"That's interesting (wishful thinking?), because several folks on the Cayenne board appear to have paid less than MSRP for their Cayennes."
I thought Porsche said all Cayennes for next 10 years were sold out like 20 years ago?!
"That's interesting (wishful thinking?), because several folks on the Cayenne board appear to have paid less than MSRP for their Cayennes."
I thought Porsche said all Cayennes for next 10 years were sold out like 20 years ago?!
04-08-2003, 02:02 PM
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A friend test drove a Cayenne recently; his Mom had put deposits down on *both* an 'S' and a turbo. Both of them walked away underwhelmed, which is surprising given the press fawning.
She bought a 745i... liked it so much that a week later she went back & bought a second one! <img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" />
She bought a 745i... liked it so much that a week later she went back & bought a second one! <img border="0" alt="[hiha]" title="" src="graemlins/roflmao.gif" />