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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 219.97+1.3%12:26 PM EST
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To: Bill Harmond who wrote (101608)4/18/2000 9:42:00 PM
From: Bob Kim  Read Replies (1) of 164684
 
William, I forgot to specifically address that post to HJ. Also I'm not commenting on DCLK as a stock, just the process of how someone might have bought it inappropriately.

Are you saying the analyst is misleading us
Yes. He admitted as much to the Washington Post.

and should be lowering his opinion because the price was declining?
No, but he might want to consider upgrading other stocks. However, he shouldn't be recommending stocks he thinks are heading down because that's illegal. Blodget made DCLK a 2000 pick at the beginning of the year at $127 -- the only price target he has published for general consumption was $112.50. Who knows what he tells his preferred clients. It's usually not a common practice to recommend the stocks with implied negative returns. A Merrill client could probably complain that they bought DCLK at $127, but wouldn't have if he/she knew the price target was $112.50 and then ask to be made whole. The questions are going to be something like: Is it true that at the time you were recommending DCLK at $127, your price target was only $112.50? Doesn't that imply a negative return? Doesn't that type of recommendation go against your company's research policies?

What is he supposed to say? Don't buy because it looks weak technically? Are you saying the analyst is impotent, misdirected, or has some ulterior motive?

Don't know what his motives are, but I would guess that Blodget personally owns DCLK shares and with a Buy/Buy rating on the stock, he generally can't sell a share unless he downgrades the stock or leaves Merrill.
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