Wit is really gone now! Any thoughts / Comments?
The big boys never did like hot IPOs for the little guy.
Wit SoundView Announces Plans to Change Name; Firm to Be Known as SoundView Technology Group, Inc., Underscoring Commitment to Technology Investment Banking
NEW YORK, Jul 24, 2001 /PRNewswire via COMTEX/ -- Wit SoundView Group, Inc. (Nasdaq: WITC chart, msgs), a technology-focused investment banking group, today announced that it will change its name to SoundView Technology Group, Inc. to more closely align the firm's branding with its core competencies in technology research, investment banking and institutional sales & trading. The change is scheduled to take effect in the third quarter to coincide with its move into a new headquarters building in Old Greenwich, CT. The Company also intends to change its trading symbol at that time to "SNDV".
"The SoundView name is well recognized within the professional financial community and is synonymous with excellence in technology research," said Mark Loehr, Chief Executive Officer. "While we are proud of our Wit heritage, we have evolved into an institutionally-oriented investment banking firm, and our renaming to SoundView Technology Group more accurately characterizes both our current and our future business and strategic direction." The Company will retain the original Wit Capital green triangle in its logo as a symbol of its on-line heritage.
SoundView's reputation for delivering in-depth and insightful research analysis was a compelling factor in the Company's decision to change its name. "The profile of SoundView analysts has always been unique among Wall Street firms," said Mr. Loehr. "Nearly 25% of SoundView's analysts are engineers by degree and nearly 40% have work experience at technology companies in their respective sectors, joining us from management positions at companies such as IBM, Hewlett Packard, National Semiconductor, AMD, Applied Materials, Ericsson and Gartner Group. Their unique perspective is what sets our research apart from that of typical investment banking firms, and we want to maintain and strengthen that distinction. Adopting the SoundView name is an important step towards achieving that goal."
The renewed emphasis on the research function is expected to play an important role in the continued growth of the Company. "Our most important competitive advantage in growing SoundView is the quality of our research, which provides a unique knowledge base to support our investment banking and sales/trading operations," Mr. Loehr continued.
Expansion of Research Organization
Underscoring its commitment to enhance its research franchise, the Company recently made three strategic hires that expand its technology coverage to include contract manufacturing, networking equipment and wire line communications. In total, the Company employs 35 research analysts covering 21 interrelated sectors. "Our total immersion in technology is what enables us to provide a deeper level of analysis and understanding than what is typically available on the Street," said Mr. Loehr.
"Our firm has evolved to become a global technology-focused investment banking firm. We have put into place the leading technology research franchise, an outstanding sales and trading capability for institutional clients with a serious commitment to investing in technology stocks, and a highly knowledgeable and experienced team of technology investment bankers." said Mr. Loehr. "We are enthusiastic about the future of SoundView." |
