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To: llamaphlegm who wrote (18510)	9/26/1998 11:09:00 AM
From: Derrick P.	Read Replies (2) \| Respond to of 164684

Not that more competition or any FA will affect NZMA stock price but here is one out of my local paper today: pwbooks.com They have a nice add in the paper. They are opening a big B&M book store across from the local Borders store up the street. Not like the market isn't already saturated, and I read fewer books than I used to. (I mean even the morning newspaper is old news.) I believe the pw stands for Publishers Warehouse of Tennessee. Derrick

To: llamaphlegm who wrote (18510)	9/26/1998 3:14:00 PM
From: Glenn D. Rudolph	Respond to of 164684

Equity analysts are a staple of the financial media, BUSINESS WEEK included, and the media doesn't always indicate when an analyst is speaking objectively. On June 8, for instance, Robert B. Albertson, banking analyst for Goldman, Sachs & Co., appeared on both cnbc and on the Nightly Business Report extolling the virtues of the just-announced merger of Wells Fargo & Co. and Norwest Corp. Both shows identified Albertson as a Goldman analyst, but neither said the firm was the investment bank on the deal. Goldman stands to collect about $40 million in fees when the deal closes. But even more questionable is that Albertson appeared on the shows at all. It's common practice on Wall Street to bar analysts from even talking about a company if the firm has an active investment-banking relationship with it. Albertson says his remarks were appropriate and ''not over the line. My customer is the investor, and if I see something I like, I should be able to say that.'' Albertson says he wasn't part of the investment-banking effort on the merger at Goldman. Should analysts ever wear the hat of the investment banker? Brown says no. For instance, as an analyst, he helped DLJ investment bankers market two secondary offerings for subprime lender Olympic Financial Ltd., now known as Arcadia Financial Ltd. Brown was a bull on the stock anyway but concedes the fact that the equity offerings paid an additional six-figure sum might have affected his judgment. In contrast, there's no direct compensation for a buy recommendation, but analysts are rated by the firm's traders for how much business they generate. ''The difference is, in an underwriting, the analyst has a big incentive to like the company a whole lot more,'' says Brown. These days, Wall Street firms recruit analysts who can land investment-banking clients. ''I got a phone call from a headhunter who was looking for a semiconductor analyst for Prudential Securities,'' says Eliot Glazer of DuPasquier & Co., an independent researcher for institutional clients. ''The first priority was investment banking; the second, investment research.'' A Prudential spokeswoman says ''it doesn't sound right that a headhunter would say that.'' She says the firm believes research and investment banking are complementary businesses.