ANALYSTS E-NAILED! ----- A Must-Read from "Money Magazine" this month.
I just got my "Money" Magazine, June 2002. In an article entitled "The People v. Wall Street", big time analyst Henry Blodget and Merrill were exposed, royally exposed.
Here is what he allegedly said privately by email v. what he said publicly, in an apparent attempt to sacrifice all ethics and morals to get a firm's Investment Banking business. In "Money Magazine's" own words ..."Merrill Lynch analysts said that the following four stocks (I mention 2 of them below) were poised for growth and assigned them all long-term buy or accumulate ratings. But internal e-mail written by those same analysts tell a very different story. Of the four companies below (again I mention only 2), only GoTO.com (now called Overture) trades above $2.
Stock: Lifminders (LFMN)
Public Statement: "We think LFNM presents an attractive investment" - Research report, Dec. 21, 2000, short term rating: Accumulate
Internal E-mail: I can't believe what a POS [piece of sh-t] that thing is." - Blodget, Dec. 4, 2000 e-mail
****
Stock: Excite At Home (ATHM)
Public Statement: "We do not see much more downside to the shares." -- Research report, July 20, 2000; short term rating: accumulate
Internal E-mail: "ATHM is such a piece of crap!"
- analyst Henry Blodget, June 3, 200 e-mail
****
Infospace and GoTo.com were also cited. One a statement by Blodget again and another by Kristin Campbell. |
