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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: P. Ramamoorthy who wrote (8357)	2/15/1999 4:10:00 PM
From: Harold Hertzfeld	Read Replies (1) \| Respond to of 27311

Individual brokers may recommend stock positions that are not officially followed by the research department. Normally good information would be available to the broker e.g., research from other brokerage houses, by Valueline, Zaks, etc. to support his purchase recommendation. ? "WHITE PAPER" approval from our research department is necessary --required--in cases where a substantial number of shares may be purchased by the clients of the broker in question. An analyst would have to approve a broker's request to recommend a stock...and perhaps approving the stock for solicitation to only clients that can tolerate substantial risk of loss of capital.. Either the broker or the analyst could, of course, pass on the idea to the research department with a suggestion for major coverage. Understandably--both the broker and the firm --as well as the client(s)--are well served by such a procedure.