Russ, reflecting on what you write and El said, ML might have been getting their big clients out and some brokers might have been getting their favorite clients out [people who bring them the most commissions], but I don't think their average little guy customer had a clue.
I am basis my statement on my own experience as a ML customer and the telephone calls I have received from friends since CPQ sank Friday. The last time I spoke with my ML broker, Tuesday afternoon, we were talking about CPQ. Considering I am his first client to ever buy shares of CPQ [and, as he found out later, the first person serviced by that entire branch] and that we talk about what CPQ is doing quite frequently, I should have expected him to pick up the phone and let me know if something was developing [on the ML side] before Friday. He didn't and my jaw dropped like every other CPQ shareholder Friday.
I am not arguing with your position or saying you are wrong. I am starting to think that if the position taken by you and El is correct, it is correct for one level of ML and their clients. First thing Monday morning I am going to call my ML broker and ask if he received any word from ML higher-ups Wednesday or Thursday suggesting it was a good time to temporarily get out of CPQ. I am also going to ask a few friends, who have different ML brokers, to do some digging.
Lynn |
