Sell side Archive

Jun 01, 1999
In April I checked the analysts' recommendations as tabulated online. In the real world, if you see something, or someone, 'attractive,' you want to 'hold' it (or her or him), but not in the arcane world of financial analysis which has more to do with alchemy than chemistry. Imagine if you went to an analytical laboratory and each chemist decided to use his or her own unique and euphemistic terms to describe the results. For strychnine one lab report would say...
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Nov 01, 1998
Investment analysts tend to be optimistic by nature. And anyway, it is easy to churn out glowing reports during ebullient times. But what happens when the markets start to display the erratic behavior witnessed over the last few weeks with prices hanging onto every snippet of news? Do they suddenly start blanking out chunks of their latest recommendations or rushing out completely new drafts? Traditionally, sell-side research analysts have been reluctant to rev...
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Jul 01, 1998
To all the hard-working IROs who propped up Wall Street while the rest were frolicking at Niri's annual conference last month: believe it or not, conversation around the pool consisted of a lot more than the 'dish' from the previous night's party, extending well beyond small-talk and gossip to some very tough issues. Maybe the no-holds-barred reign of frankness was set by Christie Hefner, describing Playboy's strategy to create adult programming that would be viewed ...
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May 01, 1998
DAVID SMITH, portfolio manager on the small cap growth team at Loomis Sayles & Co ($62 bn under management), was formerly a portfolio manager at Keystone Investments and an analyst with Fidelity Investments. Co-managing a $150 mn small cap growth fund, Smith starts with the 3,000 US companies between $100 mn and $1 bn in market cap. He reduces that pool to 1,600 $250-$750 mn companies because many smaller company stocks are very illiquid, then narrows it ...
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Apr 01, 1998
A funny thing happened to Bob Gallant on his way to work one day last January. Just several days into his new job as investor relations director at Hercules Inc, the Wilmington, Delaware-based chemicals giant, Gallant walked into a fierce bidding war between his bosses and Switzerland's Ciba Specialty Chemicals over Allied Colloids Group PLC of Bradford, England. Hercules had been slimming down in the past few years, selling non-core operations such as its sol...
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Jun 01, 1997
Hard as it may sometimes be to comprehend, one thing remains certain: analysts are human. They are not the calmly scientific investigators many in the IR community perceive them to be. Nor are they automatons solely dedicated to producing research notes. Professional, yes. Well, most of them, anyway. Infallible, no. Completely impartial, no. Analysts are just as susceptible to hype and inflated expectations as the rest of us. Add in the possible conflicts of ...
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