IDPH--Positive preliminary results for pivotal trial of ID Message Board

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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID

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To: I. Luttichuys who wrote (573)	4/7/1997 11:59:00 PM
From: Matthew Wecksell	of 1762

Okay Bennett - here's The Rules: Any brokerage worth its license will NOT let the sales people so much as talk to the analysts. I ran this buy a friend just after he started working at Lazar Freres. Basically, if they (sales) knows what the analyst will do in advance and they make a market in the security just prior to the coverage, then they'd make a bundle on the rise in volume (MMs get the difference between the bid and sell.) If they just buy knowing that a "strong buy" recommendation will send the price even higher, that's insider trading. Unless companies want to royally piss off the SEC, they keep a big Chineese wall between Sales and Research. Heck, an IT consultancy (The Gartner Group) owns Soundview, and even when both companies were small, Soundview was kept in another building. (The IT analysts have NDA over all sorts of info that brokers can't have.) NO ONE breaks the Chineese wall. They can make educated guesses (like you have about what Eric Hect will problably do, but it's not the same.) Signing off and back to the med texts... Matthew B. Wecksell

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