Anthony, Henry,
I don't understand why companies see it necessary to selectively discuss their prospects with only their favoriate analysts. Oh well.
John
Monsanto Limits Conference Call Access to Selected Analysts
St. Louis, Missouri, Jan. 4 (Bloomberg) -- Monsanto Co., a leading agricultural product maker focusing increasingly on pharmaceuticals, invited only selected securities analysts to a conference call in which executives discussed the future of the company's newly approved Celebrex arthritis drug.
The St. Louis, Missouri-based company invited only the analysts who normally cover Monsanto and didn't notify all of its shareholders, said Lori Fisher, a spokeswoman for the company. The exclusion means smaller investors without access to Wall Street research aren't privy to the meeting's detailed discussions, which can result in significant moves in the price of a company's stock.
Fisher said the company intended the conference call for analysts to follow the same format and release the same information as a call held an hour earlier for reporters. The company barred the media from the analysts' call. ''It's just always been our policy to keep that reserved for the analysts that know us,'' Fisher said.
The U.S. Food and Drug Administration on Thursday approved Celebrex for treating osteoarthritis and rheumatoid arthritis. The drug, which is expected to have sales potentially topping $1 billion a year, is key to Monsanto's strategy of building up its pharmaceutical business.
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