Word: cnbc
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...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...
...that sentiment goes against our inalienable rights to life, liberty and the pursuit of litigation. Even the talking heads on CNBC are being dragged into the fray. A pediatrician in New York City recently filed an arbitration claim against celebrity analyst Henry Blodget, accusing him of keeping a "buy" rating on a downhill dotcom because his employer, Merrill Lynch, was underwriting a merger pegged to the company's share value. Merrill Lynch insists Blodget did not know about the impending merger...
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...
...switch to CNBC, then leave for a meeting. When I come back, the set is tuned to a rerun of Jesse, the thankfully canceled Christina Applegate sitcom. It's like walking into your office and finding your sixth-grade class bully waiting to beat you up again...