News organizations like Bloomberg, CNBC, Dow Jones and The New York Times routinely report on stock upgrades and downgrades as soon as they get their hands on the reports.
She writes: "The flow of information between a firm's analysts, its traders and its clients — a lucrative heads-up on stock upgrades and downgrades, for instance — can bolster trading profits, brokerage commissions and, ultimately, Wall Street paydays.
The flow of information between a firm's analysts, its traders and its clients -- a lucrative heads-up on stock upgrades and downgrades, for instance -- can bolster trading profits, brokerage commissions and, ultimately, Wall Street paydays.
Here's what happened: A while ago, a group of banks sued a Web site called theflyonthewall.com to prevent the site from publishing news headlines about their stock upgrades and downgrades.
Some people in Spitzer's office believed the allegation in Grubman's e-mail that Weill wanted A.T. & T.'s stock upgraded to win Armstrong's support, but they could hardly force Grubman to retract his sworn testimony disowning it.
Another retail stock upgraded this morning on valuation was Macy's.
Dick Bove, a financial services analyst at Punk Ziegel & Company who has been bearish on other financial stocks, upgraded State Street stock to a buy, citing the company's strong results.
Among the semiconductor stocks upgraded by Merrill Lynch yesterday, Micron Technology rose $1.70, to $43.70; Linear Technology gained $3.11, to $46.69; Maxim Integrated gained $2.73, to $48.90; Semtech rose $2.94, to $39.99; and Analog Devices climbed $4, to $50.
"In bad times, dealing with existing stock and upgrading it seems to make more sense".
Mr. Grubman, who had been negative on the stock, coincidentally upgraded it to a buy in November 1999.
