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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: gerard mangiardi who wrote (10775)	7/9/1999 10:53:00 PM
From: Joe Copia	Read Replies (1) \| Respond to of 18998

Buying stock then dumping it out after an analysts recommendation is not legal. You certainly won't see it out of a major. You must be naive.

To: gerard mangiardi who wrote (10775)	7/10/1999 5:05:00 AM
From: BelowTheCrowd	Read Replies (1) \| Respond to of 18998

Gerard, Tom Kurlak left Merrill recently, after being more accurate on Intel than just about everybody else. Yes, he was willing to downgrade it more often than many, and it never quite made it to his last low target, but the fact is that if you sold it when he said to then bought back after it bottomed, you did nicely. That's been the case with him for a while. Really pissed off the Intel ultra-bulls for quite some time, but generally understood the company better than most. He left to go to the buy side, where he is running quite a bit of money and doing well for himself. Remember, there are two ways analysts make money for their firms. Investment banking fees are one. The other is by giving retail brokers the "ammo" to generate trades and commissions. Merill has always cared a lot more about the commission side than the investment banking side. That is changing somewhat, but their position as the largest retail broker causes them to put a slightly different spin on things. (You make a lot more commission income by passing out buys AND sells than you do by reiterating your buys all the time.) mg