Teekay – Mad Momentum

As Thursday August 7 played out Teekay announced they would restate earnings for the years 2003 to 2Q08. The company plans to restate “Financial Statements for Accounting Under SFAS 133″. Just their luck they also missed First Call consensus earnings estimates for the second quarter by $0.15 and saw their stock whacked, down almost 14% at the time of writing.

The next issue of Marine Money deals with the accounting issue generally, as others will have to come to grips with the new measures and we also look at the extraordinary

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