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Technology Stocks : K-Tel (KTEL) Have the cheesy '70s records come to an end?
KTEL 0.265-0.4%Jan 16 9:30 AM EST
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To: Jose Matos who wrote (2328)8/7/1998 12:08:00 AM
From: Thomas G. Busillo  Read Replies (1) of 3203
 
Jose, thestreet.com had a very interesting piece on Riley today:

thestreet.com

"I am aware that some of our publicly released research reports have generated quite a bit of controversy," Riley wrote to TheStreet.com in response to questions about the decline of Egghead.com's (EGGS:Nasdaq) stock, which Riley had recommended in a press release. "In light of that fact we recently decided (on Friday) that we will no longer disseminate our research to the public via press releases, nor will we be sharing our opinions with members of the press at this time. I would note that this is strictly a business decision on our part. Our attorney has always reviewed all of our press releases to ensure their strict compliance with all SEC laws, rules and regulations."

So that's it?

Gee, I'd like to think our story has a morale; unfortunately, at present, it seems to be that you can load up on a stock ahead of time, issue a press release representing yourself as an "analyst" or a "principal" in a "research boutique", tout the stock on SI, do whatever you want afterwards with your position, leave those people who actually followed your recommendations and believed your price targets high and dry, and face no accountability whatsoever.

IMHO, that's a most disturbing and unsatisfactory ending.

Kudos to TSC's Gregg Wirth for following up his earlier piece.

Good trading,

Tom

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