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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.
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.
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.
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At firms that make a strenuous effort to persuade analysts that such board changes have boosted independence, and thus made management more accountable, the likelihood of a subsequent stock upgrade rises by 36%, the study concluded.
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.
Chip maker Intel tops the winners, climbing 2.7% to $45.70 after having its stock upgraded by the Bank of America from "neutral" to "buy".
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 the first scheme, a UBS Securities executive is accused of tipping off two traders to upcoming UBS stock research upgrades and downgrades, sharing the profits of trading on that nonpublic material information.
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CEO of Professional Science Editing for Scientists @ prosciediting.com