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To: Road Walker who wrote (93933)12/13/1999 8:14:00 PM
From: Bob Kim  Respond to of 186894
 
John, Re: Has anyone ever seen a "reduce" rating from ML? What the difference between "reduce" and "sell"?

AMZN had a Reduce rating last year under Jon Cohen. AAPL had a long-term Reduce last year before coverage was dropped. ASML had a Sell rating about a year ago.

By definition, a Reduce rating suggests 10-20% downside potential and a Sell rating >20% downside potential.