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Technology Stocks : Apple Inc.

AAPL 276.90

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3:59 PM EST

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To: Sowbug who wrote (7487)	1/9/1998 6:00:00 AM
From: David C. Parker	Read Replies (1) of 213173

It certainly would be illegal. There would be a number of grounds including insider trading etc. There would also be a problem under that Institutions Proprietary Trading Policy which would require that the Proprietary Trading branch of the institution concerned only get any advice about the upgrade at the time as all other clients. It might also very well restrict the trading in shares on the house account when or if it was known that there was a report in the course of preparation (positive or negative). As far as large institutional clients on whose behalf they trade the same considerations apply, although you could be fairly sure that there are some ongoing discussions between analysts and fund managers at least about trends if not about specific recommendations prior to a release. David

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