Word: analysts
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...million share sold short as of April, an extraordinary drop of 53% since two weeks before that. The stock was up 47% to $4.04 over that period which wiped out a number of short positions. Since then, the shares have moved even higher on earnings and analyst upgrades and change hands at more than $5. Ford trades a tremendous 121 million shares a day. Any news about the potential bankruptcy of GM (GM) or Chrysler moves Ford's stock due to concerns, among others, that a liquidation of either of those firms could bring down parts suppliers that serve...
...global settlement. The independent research industry is influenced by plenty of other forces, too, especially a constant onslaught of new competition. "There are low barriers to entry, and with a lot of people on Wall Street out of work, it's pretty easy for an analyst to say, let me try my hand at that," says Mark Fichtel, a former president of the New York Mercantile Exchange and one of the Securities and Exchange Commission consultants who picked which independent research shops to use in the settlement...
...upcoming paper in The Review of Financial Studies finds that since the global settlement, research from investment banks has, in certain ways, become less biased. An analyst is no longer more likely to issue a "buy" rating when his firm is doing investment banking business with the company he's covering-as used to be the case. "It's leveled the behavior on the optimistic side, and that seems like a good result," says Leonardo Madureira, a finance professor at Case Western Reserve University and one of the paper's authors. Analysts, though, are still much less likely to issue...
...agencies account for some 20% of the company's sales. Rosetta Stone recently created a customized Arabic program for the U.S. Army, which includes military-specific vocabulary, and the Defense Intelligence Agency is a client. "These institutional revenue streams tend to be pretty steady," says Brady Lemos, equity research analyst at Morningstar. "The terms are often locked in over a period of time, which protects the company a bit from consumer spending swings...
...then press restart. Those with actual banking experience, though, tend to be dubious about market pricing and counsel patience. "The banks have a lot of practice at working out troubled assets, and most other parts of the economy don't," says Gary Townsend, a former bank regulator and industry analyst who runs the hedge fund Hill-Townsend Capital. "So it seems to me you should leave it in the hands of the banks to manage." (See 25 people to blame for the financial crisis...