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Tyco CEO resigns and the stock tumbles yet more. I can at least find some solace in the fund manager’s comments for American Century Ultra:

Ultra’s industrial stake, namely its position in Tyco International, was a key source of underperformance. A long-time holding that had added value in previous periods, the international conglomerate declined under the weight of profit concerns, a significant shift in corporate strategy, and worries about the companys accounting practices. The Ultra team eliminated its position in the stock early in the first quarter of 2002.