Thursday Dec 7 2017
The CEO at Steinhoff, owner of American matress brand Sleepy's, resigned.
Seems there is an accounting probe. Share collapsed 62% in one day on the departure of Markus Jooste. That cut the value of the company in half in one day or $7 billion dollars in market cap.
The WSJ Heard on the Street column lists some 'flashing lights' that warned of potential trouble.
At any rate, earnings matter.
This is another example of how reading the WSJ will improve your contextual understanding of accounting.
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