Word: gintel
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...impact. The average price of gasoline in the U.S. has dropped to $1.18 per gal. from $1.25 a year ago, and is likely to fall further. The surge in supply, though, could put a sharp kink in the profits of U.S. oil companies. Last week Frank Kneuttel, of the Gintel energy-research group, warned clients away from energy stocks. Said he: "The price is like a snowball coming downhill without a mogul to stop it." Falling prices will also hurt Mexico, Venezuela and other countries that depend on oil income to pay off their debt...
...Wall Street, Hal Chefitz, an analyst with the brokerage firm of Gintel & Co., voiced a widespread view. Said he: "Use of the name Tylenol is dead." Advertising executives, who have more than a passing interest in the subject-it was aggressive advertising and promotion by Johnson & Johnson that catapulted Tylenol into its lead position-were not so sure...
...ensuing investigation of Hurley and the strange behavior of C-W shares, Gintel was singled out for having acted on insider information and was severely reprimanded by the Exchange and fined $3,000, which was the same profit he had made for his wife's account by selling 950 shares short...
Something to Live With. Though Gintel argued that he simply acted to protect his customers, the SEC last week suspended him for 20 days from the New York Stock Exchange. The ruling: since Gintel had acquired inside information through a special relationship with an insider, he was bound by the same rule as insiders. Said the SEC: "Clients may not expect of a broker the benefits of his inside information at the expense of the public generally...
Though most Wall Street houses already follow the principle that if one partner is an insider, all other partners in the firm must be prepared to behave like insiders, hardly anyone, including Gintel, doubted that the SEC had correctly used the episode to lay down a needed ground rule. Said one young broker: "If I know what the law is, I can live with...