By Heather McLean, 4 July 2002 12:00
NEWS WorldCom's share price doubled yesterday following a $5bn bid for parts of the scandal-stricken data carrier from IDT. WorldCom shares rocketed 120 per cent yesterday to close at 22 cents from a 10 cent close the previous day. Telco business IDT said it intends to provide the troubled business with a comprehensive stabilisation plan this Friday. Analysts said comments made by WorldCom CEO John Sidgmore on Wednesday were partly responsible for the positive attitude surrounding the business, despite revelations of a $4bn accountancy fraud. Sidgmore defended the company and vowed to find out who was responsible for the company's accountancy deception. On Wednesday, WorldCom's hot shares accounted for one billion of the total 2.5 billion share trades carried out on the Nasdaq.
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