To All:
I need to make corrections to two comments I made last week which contained errors.
First, the bond rating for CAWS was not lowered last week. After re-reading the report from the company who issued the press release they only placed them on a WATCH. This MAY lead to a lowering of their rating (for the reasons stipulated in their press release which dealt primarily with the BANX BR) but at this time their bond rating is unchanged. I have posted two E-Mail messages from analysts at the company who put them on a rating watch which stated: (a) being put on "watch" does not necessarily mean their rating will be lowered; and, (b) the thoughts of one of the analysts on where he thought CAWS was going.
Second, I referred to Donaldson Lufkin and Jenrette (DLJ), the brokerage firm who downgraded CAWS, as being a small and probably insignificant firm. I have since learned that they are fairly well respected and their wireless analyst, Dennis Leibowitz, is very well regarded. Thus, their downgrade, and their reasons for it, should be taken more seriously than I first thought. (This doesn't mean that I am not unhappy that yet another firm has downgraded CAWS). I would take their rationale for downgrading CAWS more seriously than GKM's, primarily because I found many factual errors in GKM's downgrade (this is just my opinion, but I think the holes in GKM's downgrade report have been well documented on this thread in the past).
I apologize for these errors. I am very upset with myself for posting information which was not accurate. I really pride myself on doing my research, making contact with folks at the company, etc... I am a technologist, not a financial expert (which is why I am one of those who really relies on the counsel of a good broker). Thus, I don't know all of the lingo used (such as bond rating "watches" versus actual changes) and am not familiar with many of the smaller firms and money management companies who command respect on the street. I know, however, this is not an excuse for posting something that turns out to be wrong.
I will definitely be more careful in the future when making any posts and I will always continue to indicate when posting opinions versus facts.
Again, please accept my apologies. |
