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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID
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To: I. Luttichuys who wrote (557)4/5/1997 9:13:00 PM
From: Brad C. Dunlap   of 1762
 
Hi Bennett, I will say firmly that if Merrill Lynch were to come out with a strong recommendation and were to sell large size into their recommendation there could be one serious ethics and compliance problem for Merrill down the road. If Idec were to be successfull and Merrill did hypothetically sell into their analyst's recommendation nothing would ever come of it other then merrill looking very foolish for selling at what would have been low prices. On the other hand if Idec were to fail and the stock were to tumble and Merrill sold into their analyst's recommendation at high prices , would be a very tough case to defend. I doubt seriously that Merrill would take any such chances. That being said, I believe the best policy for investors is not to put too much weighting into speculation but to wait and see if and when Hecht does what appears to be logical. Then again logic usually doesn't go too far when applied to the stock mkt.
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