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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (1676)	12/6/1999 8:51:00 AM
From: fut_trade	Read Replies (1) \| Respond to of 19219

RE: Concensus Rating (buy side) interactive.wsj.com Salomon Analyst's Upgrade For AT&T Amends Relations Consider AT&T's relationship with brokerage firm Salomon Smith Barney. When AT&T sold a huge slug of stock in a $3 billion initial public offering of Lucent Technologies in 1996, it excluded Salomon from a co-management role in the lucrative underwriting. AT&T never said why, but many on Wall Street interpreted the move as retribution against Salomon's star analyst, Jack Grubman, who had downgraded AT&T's stock in 1995... A week ago, Mr. Grubman finally changed his tune. He upgraded AT&T to a "buy" rating from his long-held "neutral."... So as AT&T gears up for another blockbuster IPO...the betting on Wall Street is one of the firms with a role in the underwriting will be ... you guessed it -- Salomon... The sequence of events highlights the increasingly sensitive connection between corporate research and Wall Street underwriting these days. The upshot: It is relatively rare for Wall Street firms to win coveted underwriting assignments if their analysts don't publish positive research. That is true even for a firm as powerful as Salomon Smith Barney, with an analyst as influential as Mr. Grubman, who in 1998 received a pay package valued at $25 million...