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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST

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To: Bob Kim who wrote (4674)11/20/2000 3:19:41 AM
From: Raymond Duray  Read Replies (1) of 6531
 
Hi Bob,

Following up on your comment: Most broker/dealers have some restriction on what trading they allow on a stock following a ratings change. Customers are not restricted, but employees typically are for a limited period of time.
I'm wondering if you happen to be aware of any restrictions being imposed on the trading desks at the wire houses, especially as to how they might be able to gain an advantage in the derivatives markets front running the analysts contortions. There was a really amazing example of bizarre trading and analyst flip-flops in RFMD recently. Methinks a case of thy analyst doth protest too much, to the disadvantage of the weaker of the hands on the issue. I can provide you with one SIer's research efforts along these lines if you've not previously seen it. TIA.
[The link is in the post immediately upstream.]

Best, Ray
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