Cendant Drops 16 to 19
NEW YORK (AP) _ Cendant Corp. fell 16 9/16 to 19 1/16 today after an announcement late yesterday that it expects to restate earnings figures.
It blames accounting problems at the former CUC International. Cendant was formed by the merger of CUC amd HFS Inc.
Cendant said the discovery of accounting irregularities would cut its profit tally for both 1997 and 1998 by as much as $115 million each.
Cendant, based in Stamford, Conn., and Parsippany, N.J., operates in businesses such as travel, shopping, entertainment and real estate.