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PureBytes Links
Trading Reference Links
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Sounds like we just have to go back to hand charts and tables for our
moving averages!!!
Gann's Square of Nine will be useful once more!!
David Hunt
http://www.adest.com.au
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| From: Mark Jurik <mgj@xxxxxxxxxxxx>
| To: 'Omega List' <Omega-list@xxxxxxxxxx>; 'Realtraders'
<realtraders@xxxxxxxxxxxxxx>
| Subject: Y2K impact?
| Date: Tuesday, October 20, 1998 3:17 PM
|
| What effect will Y2K have on the markets?
|
| Here's a collection of report summaries posted elsewhere.....
|
| - Mark Jurik
| ------------------------------------------------------------------------
| ----------------
| The Social Security Administration has 30,000,000 lines of code to fix.
| Four hundred programmers have been working on the problem since 1991, and
| had only fixed six million lines after five years of effort. The
Washington
| Post
|
| The total cost of fixing the Y2K problem will be between $300 billion and
| $600 billion worldwide. The Gartner Group
|
| The total cost of Y2K repairs for the U.S. government is estimated to be
| $3.9 billion. Office of Management and Budget (OMB), who also warned the
| estimate might be 90% too low
|
| Worldwide economic damage of Y2K will reach $119 billion. When adding the
| cost of lawsuits, the total cost could be well over $1 trillion. Business
| Week
|
| The FAA has forty vintage IBM model 3083 mainframes. None are compliant
and
| they cannot be made compliant because the people who designed them are
| either dead or retired. Announcement by IBM, the maker of the computers
| (the FAA says they can still make it? bizarre?)
|
| Up to 70% of businesses in Asia will fail outright or experience severe
| hardship. Phillip Dodd, a Unisys Y2K expert, as quoted in the Bangkok
Post
|
| The potential for a deep global recession in 2000 is 70%. Dr. Edward
| Yardini, the chief economist of Deutsche Morgan Grenfell
|
| General Motors has over 100,000 suppliers worldwide, any one of which can
| bring their assembly line to a halt.
|
| 70% of Chief Information Officers of corporations in America believe
their
| companies will not be compliant in time.
|
| The IRS has over 80,000,000 lines of computer code, running in 88,000
| programs on 80 mainframe computers. By the end of 1997, they had fixed
| 2,000 programs, leaving 86,000 to go. The Washington Post
|
| The United States, with over half of all computer capacity and 60% of
| Internet assets, is the world's most technology-dependent country. -- GAO
| report, Sep 3, 1998
|
| Finding and fixing all the Y2K-affected software will require over
700,000
| person-years. Capers Jones, head of Software Productivity Research, a
firm
| that tracks programmer productivity
|
| Over a billion embedded chips exist worldwide. An estimated 1% are
| susceptible to the Y2K bug. Unfortunately, many critical chips are in
| deep-sea drilling rigs, satellites, or other impossible-to-reach
platforms.
|
| Most cars built since 1990 contain over 20 microprocessors.
|
| With just over 500 days left before the new millennium, only 15% of
| companies and government agencies expect to have their critical systems
| more than three-quarters tested and compliant for year 2000 by Jan. 1,
| 1999, according to a study released today by IT services firm Cap Gemini
| America. Information Week, August 1998
|
| Only 11% of companies in the United States have begun looking at
| noncompliant chips (embedded systems). Gartner Group research report
|
| Eastern Europe, Russia, India, Pakistan, Southeast Asia, Japan, most of
| South America, most of the Middle East and central Africa all lag the
| United States by more than 12 months in their Y2K repairs Gartner Group
| analyst Lou Marcoccio in his Y2K status report
|
| 47% of U.S. companies have no answer to the question, 'What will happen
| when your embedded systems fail?' Gartner Group research report
|
| As of September 1998, only 23% of U.S. companies had evaluated the effect
| of Y2K on their supply chain (the interdependency factor?) Gartner Group
| research report
|
| 180 billion lines of software code will have to be screened worldwide.
The
| Gartner Group
|
| ------------------------------------------------------------------------
| - ------------------------------
|
| Projected Y2K Costs: Companies Company Projected Future Costs Source
|
| TOTAL PROJECTED COSTS for the listed companies: $5,065,508,000
|
| British Telecommunications Plc $200,000,000 Computergram International
| 1/22/97
| American Airlines $100,000,000 Congressional Press Release 11/10/97
| Depository Trust Co. $25,000,000 Operations Management 1/20/97
| Madison Gas & Electric Co. $1,000,000 Capital Times 1/1/97
| U. S. West $40,000,000 The Denver Post 2/7/97
| USSA $75,000,000 Congressional Press Release 11/10/97
| Disk/Trend $8,000 Business Journal - Portland 1/31/97
| Federal Express $500,000,000 Broward Daily Business Review 3/21/97
| ANZ Company $40,000,000 Deutsche Presse-Agentur 4/14/97
| Bezeq $13,000,000 U.P.I 4/14/97
| Hertz Corp. $15,000,000 10K 3/25/97
| Air Products & Chemicals, Inc. $10,000,000 10K 12/18/96
| Cinergy Corp. $12,000,000 10K 3/27/96
| LG&E Energy Corp. $12,000,000 10K 3/28/97
| Marshall & Ilsley Corp. $25,000,000 10K 3/7/97
| Progressive Corp. $4,300,000 10K 3/31/97
| Southern National Corp., North Carolina $7,000,000 10K 3/17/97
| Southern New England Telephone Co. $15,000,000 10K 3/20/97
| Crestar $5,000,000 Roanoke Times and World News 5/11/97
| Electronic Data Systems Corp. $144,000,000 The Reuter Business Report
| 5/28/97
| Norfolk Southern Corp. $10,000,000 Roanoke Times & World News 5/11/97
| Singapore Telecom $21,000,000 The Straits Times 7/31/97
| Tribune Co. $7,000,000 Editor & Publisher Magazine 8/23/97
| Telecom $87,000,000 The Press 9/16/97
| Picker International Inc. $31,000,000 Crain's Cleveland Business 10/6/97
| Experian $25,000,000 Newsbytes 9/24/97
| AT&T $500,000,000 Texas Lawyer 11/10/97
| Dayton Hudson $14,000,000 Supermarket News 10/27/97
| GTE $150,000,000 Congressional Press Release 11/10/97
| MCI $150,000,000 Texas Lawyer 11/10/97
| Sabre $40,000,000 The Dallas Morning News 10/16/97
| Telstra Corp. $500,000,000 AAP Newsfeed 11/6/97
| DHL Worldwide Express $25,000,000 Computergram International 12/1/97
| Advanced Marketing Services, San Diego $500,000 BP Report 12/8/97
| CSX Corp. $40,000,000 The Tennessean 1/4/98
| Ames Department Stores Inc. $2,000,000 Reuters
| FirstEnergy Corp. $72,000,000 Crain's Cleveland Business
| Domtar $5,000,000 The Ottawa Citizen
| Amoco Corp. $100,000,000 Atlanta Business Chronicle
| KeyCorp $40,000,000 Crain's Cleveland Business
| American Greetings Corp. $35,000,000 Crain's Cleveland Business
| First Commercial Corp. of Little Rock $10,000,000 Business Dateline;
| Arkansas Business
| Wal-Mart Stores Inc. $22,000,000 Business Dateline; Arkansas Business
| Unilever $500,000,000 Journal of Commerce
| Ottawa-Carleton Regional Transit Commission $4,600,000 The Ottawa
Citizen
| BCE Inc. $450,000,000 The Gazette
| Hydro-Quebec $60,000,000 The Gazette
| Bell Helicopter Textron Canada $1,100,000 The Gazette
| Raymond James & Associates $5,000,000 St. Petersburg Times
| Florida Power $10,000,000 St. Petersburg Times
| Reuters $200,000,000 Daily Mail
| Georgia-Pacific $55,000,000 Atlanta Journal Constitution
| Ameritech Corp. $200,000,000 Reuters
| Bell Atlantic Corporation $300,000,000 Richmond Times Dispatch
| Dominion Resources $150,000,000 Richmond Times Dispatch
|