Word: cnbc
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Dates: during 2000-2009
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...What do you expect," one CNBC pundit-on-the-floor exclaimed from the thick of last week?s super-thin trading finale. "It?s a Friday afternoon in August...
...know Wall Street knows the language, and we know they were listening - CNBC broadcast both the testimony and the interminable Q&A live for all two-plus hours. It was harder to tell, however, whether investors, deluged all morning with lousy earnings reports, looked at the bright side of Greenspan's comments or the dark: Inventory corrections are still going on, businesses are still blanching at the thought of capital investments, and the next six months are going to be very grim indeed. In any case, stocks slid on frenzied volume all morning...
...firm like Merrill's own stock price up? Not the analysts - what they produced didn't even pay their salaries. The investment bankers were the ones who brought in the big IPOs, the big deals and the big money, and with the right sort of research reports and CNBC soundbites from analysts, that money could get even bigger. In the time of the bubble, hot air was king...
...Caveat CNBC viewer...
Analysts as a group, however, are being outed as cheerleaders. Comments made on CNBC have been shown to boost stock prices almost immediately, an effect referred to as "Blodgetting." And "sell" ratings are still issued about as often as famine warnings. Out of some 7,500 current recommendations on S&P 500 stocks, only 1% are "sells," according to Zacks Investment Research. "Analysts are the most relentlessly optimistic people in the world," says NASAA executive director Marc Beauchamp. "They make Pollyanna seem like Hamlet." Some regulators are calling for industry guidelines to expand analysts' conflict-of-interest disclosures...