Will people believe the analysts when they are told to come back to the market?
Looking at items such as this says gold the broad market & tech stocks might be stuck in a trading range:
Friday June 7, 8:00 pm Eastern Time
Press Release
SOURCE: Cohen Milstein Hausfeld & Toll, P.L.L.C.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Merrill Lynch And Henry Blodget On Behalf Of Investors Of Internet Capital Group, Inc.
WASHINGTON, DC--(INTERNET WIRE)--Jun 7, 2002 -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C., filed a lawsuit on May 3, 2002, in the United States District
(cont)
biz.yahoo.com
& his best friend - and a major J.I.T. trader of IMCLONE stock was Martha Stewart
Waksal Seen Not Cooperating in Hearing
Wed Jun 5, 5:02 PM ET
By Edward Tobin
NEW YORK (Reuters) - ImClone Systems Inc. former chief Sam Waksal, the subject of a government probe into possible fraud and insider trading, is expected not to cooperate with
(cont)
story.news.yahoo.com
Stock trader targeted in Sept. 11 probe agrees to return to New York
Wed Jun 5, 4:35 AM ET
By SETH HETTENA, Associated Press Writer
SAN DIEGO - An Egyptian-born financial analyst who prosecutors said may have had prior knowledge of the Sept. 11 attacks agreed Tuesday to be returned to New York to face charges of using confidential FBI (news - web sites) information to manipulate stock prices.
Amr I. "Tony" Elgindy will remain held without bond in San Diego until he is moved. A spokesman for the U.S. marshal's office would not say exactly when he would be moved.
Elgindy, 34, of Encinitas, waived his right to fight extradition at a brief hearing Tuesday. His attorney, Jeanne Knight, did not return a message seeking comment.
In a telephone interview from jail, Elgindy told the Los Angeles Times that the terrorist allegations were raised because "of my birthplace, my name, the color of my skin." He also said that all the material he used to focus on stocks was gathered through public sources.
Federal authorities arrested Elgindy last month on an indictment issued by a New York grand jury, charging him with insider trading, securities fraud, extortion and obstruction of justice.
He is accused of bribing an FBI agent to give him secrets from federal criminal databases and then using the information to make money in the stock market. A current and a former FBI agent were among four others charged in the conspiracy.
At a May 24 detention hearing in San Diego, a federal prosecutor said Elgindy may have known about the Sept. 11 attacks and tried to profit from them.
Elgindy telephoned his broker on Sept. 10, asked him to liquidate his children's dlrs 300,000 trust account, Assistant U.S. Attorney Ken Breen said. The defendant also made a comment that the Dow Jones industrial average, then trading at about 9,600, would drop to 3,000, Breen said.
"Perhaps Mr. Elgindy had pre-knowledge of the Sept. 11 attacks," he said. "Instead of trying to report it, he tried to profit from it."
Breen said that Elgindy had dlrs 2 million invested in positions that would have benefited from a market collapse.
story.news.yahoo.com
Analyst Grubman Helped Call Shots at Global Crossing, Touted Its Stock
Fri May 31,12:45 AM ET
Jack Grubman, the embattled telecommunications analyst, was instrumental in the making of key management and business decisions at Global Crossing Ltd. (GX - News) for two years after the company went public in August 1998 , Friday's Wall Street Journal reported.
Mr. Grubman's activities in connection with Global, which is now in bankruptcy proceedings, may lend support to New York State Attorney General Eliot Spitzer's investigation into conflicts of interest among research analysts. Mr. Spitzer has already asked for and received Mr. Grubman's self evaluations, written for his employer, Citigroup Inc. (NYSE: C - News) 's Salomon Smith Barney unit, to determine whether his bonuses were tied to his role as an adviser, rather than as an analyst, in mergers (news - web sites) and other transactions.
Mr. Grubman personally recommended the hiring of one of Global Crossing's chief executives, Robert Annunziata, according to people familiar with the matter. The analyst also helped to negotiate Global's merger (news - web sites) agreements with U S West Inc. and Frontier Corp. and advised Global Crossing Chairman Gary Winnick on Mr. Winnick's own stock sales, according to these people.
In so doing, Mr. Grubman far exceeded analysts' traditional function of offering impartial advice to shareholders and investors. (cont)
story.news.yahoo.com
Stocks End Mixed; Knight Hurts Sentiment
Tue Jun 4, 4:41 PM ET
NEW YORK (Reuters) - Technology stocks rose in a seesaw session on Tuesday as investors took advantage of recent declines to snap up bargains, but the broad market ended unchanged as the roll call of companies under investigation for alleged wrongdoing added another name to the list.
News of possible trading abuses at Nasdaq share dealer Knight Trading Group Inc. undercut investor confidence. The revelations came a day after the chief at conglomerate Tyco International Ltd. quit after charges he did not pay state taxes on art purchases -- news that drove the broad market to its lowest close in eight months.
"It's like a perfect storm in stocks," said Philip Ruffat, senior vice president at Mizuho Securities USA. "You have fraud and deceit accounting, you have high valuations... Right now you have the visibility of a brick."
The blue-chip Dow Jones industrial average <.DJI> has dropped for six sessions out of the past seven as the mood darkens on Wall Street over the credibility of Corporate America's management. (cont)
story.news.yahoo.com
Thursday May 30, 5:00 pm Eastern Time
Press Release
SOURCE: Kaplan Fox
Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Pets.com, Inc. Common Stock
NEW YORK, NY--(INTERNET WIRE)--May 30, 2002 -- Kaplan Fox (kaplanfox.com) has filed a class action against Merrill Lynch & Co., Inc., and Internet stock analyst and First Vice President of Merrill Lynch, Henry Blodget, in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of Pets.com, Inc. ("Pets.com " or the "Company") (OTC:IPET - news) between March 7, 2000 and November 7, 2000 inclusive (the "Class Period").
The complaint alleges that Defendants violated the federal securities laws by issuing analyst reports regarding Pets.com that recommended the purchase of Pets.com common stock and which set price targets for Pets.com common stock, which were materially false and misleading and lacked any reasonable factual basis. The complaint further alleges that, when issuing their Pets.com analyst reports, the Defendants failed to disclose significant, material conflicts of interest, which resulted from their use of Blodget's reputation and his ability to issue favorable analyst reports, to obtain investment banking business for Merrill Lynch. Furthermore, in issuing their Pets.com analyst reports, in which(cont)
biz.yahoo.com
Thursday May 30, 3:00 pm Eastern Time
Press Release
SOURCE: Kaplan Fox
Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Openwave Systems, Inc. Common Stock
NEW YORK, NY--(INTERNET WIRE)--May 30, 2002 -- Kaplan Fox (kaplanfox.com) has filed a class action against Merrill Lynch & Co., Inc., and Internet stock analyst and First Vice President of Merrill Lynch, Henry Blodget, in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of Openwave Systems, Inc. ("Openwave" or the "Company") (Nasdaq:OPWV - news) between October 16, 2000 and August 13, 2001, inclusive (the "Class Period").
The complaint alleges that Defendants violated the federal securities laws by issuing analyst reports regarding Openwave that recommended the purchase of Openwave common stock and which set price targets for Openwave common stock, which were materially false and misleading and lacked any reasonable factual basis. The complaint further alleges that, when issuing(cont)
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